GBP/AUD is bearish, now unfolding a five-wave decline into a higher degree wave 3, down from 2.059 swing high. We specifically see price in a sub-wave v of 3, which can look for support and a temporary low at the Fib. ratio of 261.8, and at the lower Elliott wave channel lines (1.784/1.753 region). That said, a rally above the upper Elliott wave channel line would suggest a higher degree wave 4 correction underway, with possible resistance at the 1.846/1.864 region.