Technical analysis

GBPAUD Wave Analysis – 27 February 2023

• GBPAUD broke daily down channel

• Likely to rise to resistance level 1.8000

GBPAUD previously broke the resistance trendline of the daily down channel from December (which enclosed the previous ABC correction (2)).

The breakout of this daily down channel accelerated the active impulse wave 3 of the intermediate impulse wave (3) from the start of February.

GBPAUD can be expected to rise further toward the next round resistance level 1.8000 (top of the B wave from last month).

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