Technical analysis

GBPAUD Wave Analysis 14 December 2023

– GBPAUD reversed from support level 1.8945

– Likely to rise to resistance level 1.9200

GBPAUD currency pair recently reversed up from the strong support level 1.8945 (which has been repeatedly reversing the pair from the start of July) intersecting with the lower daily Bollinger Band.

The support level 1.8945 was strengthened by the 38.2% Fibonacci correction of the sharp extended uptrend from last February.

Given the clear daily uptrend, GBPAUD currency pair can be expected to rise to the next resistance level 1.9200 (which stopped the previous wave 1 and b).

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