Technical analysis

GBPAUD Wave Analysis – 28 June 2023

– GBPAUD reversed from resistance level 1.9175

– Likely to fall to support level 1.8945

GBPAUD currency pair recently reversed down from the pivotal resistance level 1.9175 (top of the previous impulse wave 1 from the end of May) standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.9175 created the daily Japanese candlesticks reversal pattern Shooting Star, which stopped the previous short-term impulse wave 3.

Given the overbought daily Stochastic, GBPAUD currency pair can be expected to fall further toward the next support level 1.8945.

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