On the Daily chart of GBPAUD we are observing a big three wave decline in the making that started its development in August of 2015. As we can see on the chart three big waves had already unfolded with blue wave C-circled being the last. Well if price did post its lows at the 1.5769 zone, then we could be in for a nice impulsive cycle that may take place in moths to follow. But as you know, we need to focus firstly on the minimum expectations, and these are as shown on the chart a three wave rise from 1.5769 level that is expected to unfold with wave (A) ideally being already over.
That said this minor three wave correction may target and move towards the 1.7704 level in weeks to follow.
That said this minor three wave correction may target and move towards the 1.7704 level in weeks to follow.