GBPAUD sell-off is taking the shape of Elliot Wave impulse pattern, labelled i-ii-iii-iv-v.
Price is currently in wave iv, which unfolded as a w-x-y double zigzag pattern. It also retraced 38.2% of wave iii and enclosed in a parallel channel . If this wave count is correct, price is expected to trade below wave iii low in wave v.
What’s your view on GBPAUD? Let me know in the comment.