British Pound/Australian Dollar (GBPAUD) Day Chart AnalysisElliott Wave Technical Analysis for GBPAUD:
Analysis Summary:The GBPAUD Elliott Wave analysis for the day chart reveals a bearish trend, indicating that the market is currently in an impulsive phase. This suggests a continuation of the downward price movement in line with the prevailing trend. The current structure being analyzed is navy blue wave 3, which follows the completion of navy blue wave 2.
Completion of Navy Blue Wave 2:
The corrective phase of navy blue wave 2 has finished, and navy blue wave 3 has now commenced. This wave typically represents a strong, extended movement in the direction of the trend, which, in this case, is downward.
Navy Blue Wave 3 Characteristics:
In Elliott Wave theory, wave 3 often exhibits the highest momentum, leading to significant price declines. As navy blue wave 3 has just started, the British Pound is expected to continue weakening against the Australian Dollar. This wave is likely to show acceleration in the downward movement, reflecting increased bearish sentiment in the market.
Wave Cancel Invalid Level:
The wave invalidation level is set at 970.50. If the price rises above this level, the current wave count would be invalidated, prompting a reconsideration of the bearish outlook. As long as the price remains below this invalidation level, the bearish trend is expected to persist, with navy blue wave 3 continuing to drive the price lower.
Key Takeaways:
In conclusion, the GBPAUD day chart points to a bearish trend with the impulsive navy blue wave 3 currently underway. The trend is expected to continue unless the price surpasses the invalidation level of 970.50. 
British Pound/Australian Dollar (GBPAUD) 4-Hour Chart AnalysisElliott Wave Technical Analysis for GBPAUD:
Analysis Summary:The GBPAUD Elliott Wave analysis for the 4-hour chart points to a bearish trend, with the market currently in an impulsive phase. The structure being observed is orange wave 3, which started after the completion of orange wave 2. This implies that the corrective phase of orange wave 2 has concluded, and the market is now moving downward with the impulsive orange wave 3.
Orange Wave 3 Characteristics:
Orange wave 3 represents a strong and extended move in the direction of the bearish trend. In Elliott Wave theory, wave 3 typically exhibits the most prolonged and powerful movement, indicating that the British Pound may continue to weaken against the Australian Dollar.
Navy Blue Wave 3 Support:
This movement is part of a broader structure, with navy blue wave 3 also progressing. The alignment between orange wave 3 and navy blue wave 3 strengthens the bearish outlook, suggesting further downside momentum for the GBPAUD pair.
Wave Cancel Invalid Level:
The invalidation level for the current wave count is set at 970.50. If the price moves above this level, the bearish wave structure would be invalidated, possibly signaling a trend reversal. However, as long as the price remains below this point, the bearish trend in orange wave 3 is expected to continue.
Key Takeaways:
In conclusion, the GBPAUD 4-hour chart shows an ongoing bearish trend, with orange wave 3 in progress after the completion of orange wave 2. The downward trend is expected to persist unless the price breaks above the invalidation level of 970.50. 
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