Technical analysis

GBPAUD Wave Analysis – 11 July 2023

– GBPAUD broke resistance level 1.9260

– Likely to rise to resistance level 1.9535

GBPAUD currency pair under the bullish pressure after the earlier breakout of the resistance level 1.9260, top of the previous minor impulse wave (i) from June.

The breakout of the resistance level 1.9260 accelerated the active impulse waves 3 and iii, which belong to the extended impulse sequence (3) from February.

Given the strong multi-month uptrend, GBPAUD can be expected to rise further toward the next resistance level 1.9535 (target price for the completion of the active impulse wave 3).

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