Technical analysis

GBPAUD Wave Analysis 19 February 2024

  • GBPAUD reversed from resistance level 1.9400
  • Likely to fall to support level 1.9200

GBPAUD currency pair recently reversed down from the resistance level 1.9400 (which has been repeatedly reversing the pair from the middle of January).

The downward reversal from the resistance level 1.9400 created the 3rd consecutive candlesticks reversal pattern Bearish Engulfing.

Given the continuation of the bearish sterling sentiment seen across the FX markets today, GBPAUD currency pair can be expected to fall further to the next support level 1.9200 (low of the previous correction 2).

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