GBPAUD Wave Analysis (05.12)

• GBPAUD reversed from support area
• Further gains are likely

GBPAUD recently reversed up sharply from the support area lying between the lower daily Bollinger Band and the strong support level 1.7300 (low of wave (A) and multi-month low from August).

The upward reversal from this support area completed the earlier short–term impulse wave 5 – which belongs to the medium impulse wave (C) from the start of October.

GBPAUD is expected to rise further and re-test the next resistance level 1.7600.Strong support remains at the support level 1.7300.