The GBP/AUD bounced at the Fibonacci retracement support levels of wave 4 vs 3 and is now approaching a key breakout spot.
The GBP/AUD bullish breakout could see price move towards the Fibonacci targets of wave 5. A break below the 61.8% Fibonacci level of wave 4 vs 3 makes a wave 4 less likely.
The GBP/AUD made a bullish breakout above the falling wedge reversal chart pattern. The breakout could be a potential wave 3 (orange) of a larger ABC pattern (green).
The GBP/AUD could be building a larger WXY (purple) correction within an uptrend channel back to a key resistance spot, which is indicated by the purple box.
The GBP/AUD is probably building a correction within wave Y (red).