Technical analysis

GBPAUD Wave Analysis 29 January, 2021

GBPAUD Wave Analysis 29 January, 2021

• GBPAUD reversed from resistance level 1.7935

• Likely fall to support level 1.7680

GBPAUD today once again reversed down from the strong resistance level 1.7935 (which has been reversing the pair from last month) – standing well above the upper daily Bollinger Band.

If the pair closes today it will form the second consecutive candlesticks reversal pattern Shooting Star – highlighting the strength of the resistance level 1.7935.

GBPAUD is expected to fall further toward the next support level 1.7680 (target price for the completion of the active correction (ii)).

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