Market Snapshots

GBPAUD Wave Analysis – 17 October, 2019

GBPAUD Wave Analysis – 17 October, 2019
  • GBPAUD reversed from resistance area
  • Likely to fall to 1.8630

GBPAUD under pressure after the earlier downward reversal from the resistance area lying between the strong resistance level 1.8870 (monthly high form March and May) and the upper daily Bollinger Band.

The downward reversal from this resistance area started the active short-term ABC correction (iv).

GBPAUD is expected to fall further and retest the next support level 1.8630 (target price calculated for the completion of the active wave (iv)).

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