Good day traders! On Thursday let's look at GBP/AUD and its rally.
GBP/AUD is trading nicely bullish, away from 1.6680 region, where wave C had ended. We now see three-waves up an running with the third wave trading near completion. Maybe wave 3 has already found a top and now a new three-wave reversal will follow into the following wave 4, with potential support coming in at Fibonacci ratio of 38.2 and the lower channel line.
Once the mentioned wave 4 unfolds, a new and final push higher into wave 5 can come in play with Fibonacci projection ratio of 138.2.
GBP/AUD, 1H
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