GBPAUD Wave Analysis – 11 September, 2020

• GBPAUD broke key support level 1.7710

• Likely to fall to 1.7400

GBPAUD recently broke sharply below the key support level 1.7710 (low of the daily hammer and wave (A) from the middle of July).

The breakout of the support level 1.7710 accelerated the active short-term downward impulse wave 3 – which belongs to the medium-term wave (C) from the middle August.

GBPAUD is likely to fall further toward the next support level 1.7400 (target price for the completion of the active downward impulse wave (C)).