GBP/AUD: 5th Wave
Currently we are at 1.7088 in a 5th wave and the USDX is positive. Technically, the 5th wave could be completed but the pair is showing no sign of being over yet. We are looking to continue initially to the R7 Resistance and top at 1.7153 which might be the head of a head and shoulders pattern. A continuation here, look to the R8 at 1.7410. The average daily true range (ATR) for GBP/AUD currently is 188 pips.