GBPAUD Wave Analysis 10 December, 2020

• GBPAUD falling inside impulse wave C

• Likely to fall to support level 1.7500

GBPAUD continues to fall inside the accelerated downward impulse wave C – which belongs to the medium-term ABC correction (2) from October.

The price earlier broke the key support level 1.8000 and the 50% Fibonacci correction of the upward impulse (1) from September – which strengthened the bearish pressure on GBPAUD. 

Given the strong daily downtrend – GBPAUD  is expected to fall further toward the next support level 1.7500 (target price for the completion of the active impulse wave C, monthly low from September).