GBPAUD Wave Analysis – 20 May, 2019

• GBPAUD broke key support level 1.8500
• Further losses are likely

GBPAUD opened this week with the sharp downward gap, which broke the key support level 1.8500 (low of the previous short-term impulse wave (i)).

The breakout of the support level 1.8500 should accelerate the active intermediate impulse wave C of the medium-term ABC correction (B) from March.

GBPAUD is expected to fall further and retest the next support level 1.8300 (low of the previous short-term corrective wave (b)).