Price has completed wave 3 of impulse movement at 1.618 level of Fib extension. Now price sitting on a very strong monthly support which has bounced from it multiple times. Also RSI is oversold too. It's time to make wave 4 to the 0.382 percent of wave 3 at 1.9xx which is a very strong resistance level. Wave 5 can be completed in 2 ways, first as a truncate fifth at the end of wave 3 or at 1 extension of wave 4 which both of them are strong weekly supports.
These are my thoughts about GBPAUD and it does not meant it will happen, so be careful if you like to trade based on it.