Categories: Technical analysis

GBPAUD Wave Analysis – 25 August, 2022

• GBPAUD broke support level 1.7000

• Likely to fall to support level 1.6800

GBPAUD currency pair recently broke the support level 1.7000 (which stopped the previous minor impulse wave 1 from the start of August).

The breakout of the support level 1.7000 coincided with the breakout of the daily down channel from the start of July – which accelerated the active impulse wave 3.

Given the clear daily downtrend, GBPAUD currency can be expected to fall further toward the next support level 1.6800.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: GBPAUD

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