GBPAUD best reading of shorter cycles suggests pair is in a WXY (7 swing Elliott Wave structure) from 2/12 peak. Decline from 2.0028 – 1.9568 was in 3 waves which was followed by a recovery to fail below the high and a move lower again. We have labelled the move to 1.9951 high as wave B which gives us 100% ext of A-B at 1.9492 and 123.6% ext at 1.9384. Trend in the pair is still up so we expect to see buyers in above area for new highs or a 3 wave reaction higher at least. Expect price to hold above 1.618 ext of A-B at 1.9208 in the current cycle. As there is no red arrows on the chart, so we don’t like selling the pair.
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