Categories: Technical analysis

GBPAUD Wave Analysis – 26 May, 2022

• GBPAUD reversed from support level 1.7620
• Likely to rise to resistance level 1.7825

GBPAUD recently reversed up from the support level 1.7620, which is the lower boundary of the tight sideways price range inside which the pair has been moving from the start of May.

The support level 1.7620 was further strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the earlier upward correction (ii).

GBPAUD can be expected to rise further toward the next resistance level 1.7825 (upper boundary of the active sideways price range).

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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