GBPAUD Wave Analysis 18 November, 2020

• GBPAUD reversed from round support level 1.8000

• Likely to rise to 1.8280

GBPAUD recently reversed up from the round support level 1.8000 (which stopped the previous medium-term ABC correction (2) at the start of November) – standing close to the lower daily Bollinger Band.

The upward reversal from the support level 1.8000 created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which continues the active impulse wave (3).

GBPAUD is likely to rise further toward the next resistance level 1.8280 (which reversed the price earlier this month).