GBPAUD Wave Analysis 16 January 2024

– GBPAUD broke weekly down channel

– Likely to rise to resistance level 1.9265

GBPAUD currency pair recently broke the resistance trendline of the weekly down channel from last September.

The breakout of this this down channel accelerated the active intermediate impulse wave (3).

Given the strong Swiss franc sales seen across the FX markets today, USDCHF can be expected to rise further to the next resistance level 1.9265 (which has been reversing the price from October).