GBP/AUD made an overlapping recovery from the 1.864 swing low, which we labeled as an Elliott wave ending diagonal within a fifth wave, and which looks completed at latest highs. As such be aware of a minimum three-wave bearish reversal. At the moment the price is dropping from the latest swing high, so ideally wave C/3 is underway, targeting 1.928 first possible support/reversal area, where wave A would equal wave C. If price breaches decisively below the 1.928 level, then a bigger reversal can be in the cards, and wave 3 can be unfolding, and targeting below 1.863 level.

GBP/AUD, daily