GBPAUD Wave Analysis – 10 Janaury, 2019

• GBPAUD reversed from resistance area
• Further losses are likely

GBPAUD recently reversed down from the strong resistance area located between the long-term resistance level 1.8600 (which has been reversing the price from the start of 2018) and the upper weekly Bollinger Band.

The downward reversal from this resistance area created the strong Japanese candlesticks reversal pattern Falling Star.

GBPAUD is expected to fall further and re-test the next support level 1.7600 – the breakout of which can lead to further losses toward the next strong support level 1.7280.