GBPAUD appears to be still developing a higher degree wave 4 corrective structure within the current bearish cycle. Price action is likely forming a three-wave corrective pullback within subwave (b), with potential for a retracement toward the 1.9055 support area. This zone may act as a temporary reaction level before the market attempts another upward leg. Following this pullback, an additional and final push higher is still possible in subwave (c) of wave y, completing a larger wxy corrective structure within higher degree wave 4. This final leg could target the 1.9400 resistance level, where stronger selling pressure is expected to re-emerge.
Overall, the market remains in a corrective-to-bearish transition phase, with short-term upside retracements seen as corrective within a broader weakening structure.
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