GBP/USD And GBP/AUD Analysis - Friday, Oct. 22
GBPUSD is slow and sideways, ideally trapped in a corrective triangle if current 1.3771 support will hold. The deeper support to watch is at 1.3706 and 1.3741 where the pair may also stabilize. So we will expect a continuation higher at some point.
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Cable is nicely recovering in the 4-hour chart as expected, but at the moment pair is still in the third leg of recovery so a trend in change is not confirmed yet, but it's looking promising for the bulls since the market broke above 1.3747 resistance that can turn into nice support after a next retracement; the fourth wave. Wave 3 now nearing resistance.
GBPUSD 4h Elliott Wave Analysis
GBPAUD is coming down on a daily chart after we noticed a three-wave A-B-C corrective rally, probably back to bearish mode. Well, considering other crosses, there's a chance for a new five-wave bearish impulse that can send the price back to lows, especially if we see an overlap below 1.8250 level.
GBPAUD Daily Elliott Wave Analysis
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