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On the Cable, we are observing a five wave decline in progress that should continue after wave (iv) bounces, that can be first pullback for possible shorts this week. Currently we see a price action near Fibonacci support so a small bounce could occur soon back to 1.5200 resistance area, from where we will look for a new leg down; into wave (v).

GBPUSD, 1H

gbpusd 1

AUDUSD is also looking nice following a sharp reversal down from 0.7250, but the decline is still not in five waves, but another small leg down today, which will make things very interesting. In that case, we will be looking for short entries after a)-b)-c) pullback up in wave (b).

AUDUSD, 1H

AUDUSD 1