Technical analysis

GBPAUD Wave Analysis – 2 June, 2021

• GBPAUD reversed from support zone

• Likely to rise to resistance level 1.8400

GBPAUD currency pair today reversed up from the pivotal support level 1.8220 (former resistance level from the start of May).

The support zone near the support level 1.8220 is strengthened by the 50% Fibonacci correction of the upward impulse from last month.

GBPAUD can then be expected to rise further toward the next resistance level 1.8400 (which stopped the previous minor impulse wave (i)).

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