GBPAUD Wave Analysis – 04 August, 2020

• GBPAUD reversed from resistance level 1.8400

• Likely to fall to 1.8060

GBPAUD recently reversed down from the resistance level 1.8400 (monthly high from June) – standing near the upper daily Bollinger Band.

The resistance area near the resistance level 1.8400 was strengthened by the 38.2% Fibonacci correction of the previous extended impulse wave from the start of May.

GBPAUD is likely to fall further toward the next support level 1.8060 (former top of wave (b) from the end of June).