GBPAUD Wave Analysis – 16 July, 2019

• GBPAUD broke support area
• Further losses are likely

GBPAUD recently broke the support area lying between the key support level 1.7860 (which reversed the price in February and July) and the lower trendline of the daily down channel from May.

The breakout of this support area accelerated the active impulse waves 3 and (C).

GBPAUD is expected to fall further and retest the next support level 1.7600 (monthly low from January and the target for the completion of wave 3).