GBPAUD Wave Analysis – 18 November, 2022

• GBPAUD reversed from support level 1.7485

• Likely to rise to resistance level 1.8000

GBPAUD recently reversed up from the key support level 1.7485, strengthened by the lower daily Bollinger Band and by the upper trendline of the recently broken down channel from March (acting as support after it was broken).

The upward reversal from the support level 1.7485 started the active short-term corrective wave 2.

GBPAUD can be expected to rise toward the next resistance level 1.8000 (target for the completion of the active wave 2).