Technical analysis

GBPAUD Wave Analysis – 25 October , 2018

  • GBPAUD broke support area
  • Further losses are likely

GBPAUD today broke sharply though the support area lying at the intersection of the key support level 1.8400 (former resistance from September), support trendline of the daily up channel from August and the 50% Fibonacci correction of the previous upward impulse from last month.

The breakout of this support area accelerated the (c)-wave of the active ABC correction 4.

GBPAUD is expected to fall further and re-test the next round support level 1.8000 (former strong support from September and the target price for the completion of the active wave 4).

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