Technical analysis

GBPAUD Wave Analysis 10 November, 2020

GBPAUD Wave Analysis 10 November, 2020

• GBPAUD reversed from support level 1.7950

• Likely to rise to 1.8400

GBPAUD previously reversed up with the daily long-legged Doji from the pivotal support level 1.7950 (which has been reversing the price from the start of October).

The support area near the support level 1.7950 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the previous upward impulse (1) from September.

GBPAUD is likely to rise further toward the next powerful resistance level 1.8400 (which reversed multiple  upward impulses from July).

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