GBPAUD Wave Analysis – 29 July, 2022

• GBPAUD reversed from support level 1.7200

• Likely to rise to resistance level 1.7600

GBPAUD currency pair recently reversed up from the key support level 1.7200 (which has been reversing the pair from the start of April) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.7200 started the active minor corrective wave (ii) – which belongs to the impulse wave 3 from the start of July.

GBPAUD can be expected to rise further toward the next resistance level 1.7600 (target price for the completion of the active minor correction (ii)).