GBPAUD Wave Analysis – 27 February, 2020

• GBPAUD reversed from resistance area
• Likely to fall to 1.9495

GBPAUD recently reversed down from the resistance area located between the resistance level 1.9745(which stopped the sharp uptrend in January), and the upper daily Bollinger Band.

The downward reversal from this resistance started the active short-term corrective wave (iv) – which belongs to wave 3 from last year.

GBPAUD is likely to correct down further toward the next support level 1.9495 (target for the completion of the active wave (iv)).