GBPAUD Wave Analysis – 22 April, 2020

• GBPAUD reversed from support area
• Likely to rise to 1.9800

GBPAUD recently reversed up from the support zone lying between the support level 1.9400 (which also reversed the price at the start of March), lower daily Bollinger Band, support trendline of the daily up channel from 2019.

The upward reversal from this support area is likely to create the daily reversal pattern Hammer – if the pair closes today near the active levels.

GBPAUD is expected to rise further toward the next resistance level 1.9800 (which reversed the earlier short-term corrective wave (ii) earlier this month).