GBPAUD reversed from major resistance area

• GBPAUD reversed from major resistance area
• Further losses are likely

GBPAUD today reversed down from the major resistance area lying between the long-term resistance level 1.8540 (which also stopped the previous uptrend at the start of 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area stopped the earlier medium-term impulse wave (C) from August.

Given the overbought reading on the weekly Stochastic – GBPAUD is expected to fall further and re-test the next support level 1.8340 (former resistance from last month).