Short term Elliott wave view in GBPAUD suggests the rally from January 7, 2021 low is unfolding as a double three Elliott Wave structure. In the 45 minutes chart below, wave ((X)) of this double three ended at 1.7739. Pair has turned higher and wave ((Y)) is currently in progress. Up from wave ((X)) low, wave ((i)) ended at 1.7921 and pullback in wave ((ii)) ended at 1.7826. Pair resumed higher in wave ((iii)) towards 1.8045 and pullback in wave ((iv)) ended at 1.7906. Final leg higher wave ((v)) ended at 1.807 and this also completed wave A of (W) of ((Y)) in higher degree.
Pullback in wave B is proposed complete at 1.7894 as a zigzag. Down from wave A, wave ((a)) ended at 1.7931, wave ((b)) ended at 1.7996, and wave ((c)) ended at 1.7894. This also completed wave B in higher degree. Near term, while dips stay above wave B low at 1.7894, and more importantly above 1.7739 low, expect pair to continue higher. Near term target for wave C is 100 – 161.8% Fibonacci extension from April 16 wave ((X) low. This area comes at 1.823 – 1.843.
