GBP/USD May breach lower, while AUD/USD higher

The British pound/U.S. dollar (GBP/USD) currency pair is undergoing a sharp fall away from 1.2800 region where potentially corrective Wave 2 had ended. If that is the case, then we will now see a five-wave fall develop within the following Wave 3 and a breach below the previous swing low of Wave 1 at 1.2690 level.

GBP/USD, 1 hour

The Aussie/U.S. dollar (AUD/USD) currency pair is trading overlapping and choppy for the last few sessions, which could mean a probable triangle correction could be in the making. Well if that is the case, then ideally, we will see another and final push higher into Blue Wave five of 5. Ideally, this will happen once. Current price activity is breaching above the upper triangle line and unfolds a new five sub-wave development within the final wave. However, be aware, the upside can be limited around the Fibonacci ratio of 161.8.

AUD/USD, 1 hour

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