Technical analysis

GBPAUD Wave Analysis – 29 November , 2018

GBPAUD Wave Analysis – 29 November , 2018
  • GBPAUD broke key support level 1.7500
  • Further losses are likely

GBPAUD today broke below the key support level 1.7500 (which stopped the previous impulse wave (i) earlier this month and also at the end of August, as can be seen below).

The breakout of the support level 1.7500 continues the active short-term impulse wave C of the medium-term ABC correction (2) from the start of October.

GBPAUD is expected to fall further and re-test the next support level 1.7300 (monthly low from August and the target price for the completion of the active impulse wave C).

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