GBPAUD Wave Analysis – 18 January, 2023

• GBPAUD reversed from support level 1.7525

• Likely to rise to resistance level 1.7800

GBPAUD recently reversed up from the pivotal support level 1.7525 (which stopped the previous waves A, (B) and (1)).

The upward reversal from the support level 1.7525 stopped the previous intermediate impulse wave (3) from the start of January.

Given the strongly bullish sterling sentiment and the oversold daily Stochastic, GBPAUD can be expected to rise further toward the next resistance level 1.7800.