GBPAUD Wave Analysis – 16 August, 2021

• GBPAUD reversed from support area

• Likely to rise to resistance level 1.8915

GBPAUD currency pair recently reversed up from the support area located between the support level 1.8770 (which has been reversing the price from the start of August) the 38.2% Fibonacci correction of the upward impulse from the middle of July.

This support zone was strengthened by the intersecting uptrend trendline of the recently broken up cannel from May (acting as support after it was broken).

GBPAUD currency pair can be expected to rise further toward the next resistance level 1.8915 (top of the previous wave B).