GBPAUD Wave Analysis – 4 May, 2020

• GBPAUD reversed from resistance zone
• Likely to fall to 1.9290

GBPAUD recently reversed down from the resistance zone located between the key resistance level 1.9510 (former strong support from March and April) and the 38.2% Fibonacci correction of the earlier downward impulse from the start of April.

The downward reversal from this resistance zone stopped the previous short-term corrective wave (iv).

GBPAUD is expected to fall further toward the next support level 1.9290 (former monthly low from March).