– GBPAUD reversed from resistance zone
– Likely to fall to support level 1.9800
GBPAUD currency pair recently reversed down sharply from the resistance area between the upper daily Bollinger Band, key resistance level 2.0045 (former multi-month high from April) and the resistance trendline of the wide daily up channel from October.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star Doji.
Given the strength of the aforementioned resistance area and the overbought daily Stochastic, GBPAUD currency pair can be expected to fall further to the next support level 1.9800.
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