GBPAUD Wave Analysis – 24 July, 2020

• GBPAUD reversed from long-term support level 1.7800

• Likely to rise to 1.8060

GBPAUD recently reversed up from the long-term support level 1.7800 (former monthly low from September of 2019), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.7800 created the daily Japanese candlesticks reversal pattern Hammer.

GBPAUD is likely to rise further toward the next resistance level 1.8060 (top of the previous correction (b)) – followed by 1.8200 (top of the earlier wave (ii)).