Technical analysis

GBPAUD Wave Analysis – 29 May 2023

• GBPAUD reversed from strong resistance level 1.8940

• Likely to fall to support level 1.8700

GBPAUD currency pair recently reversed down with the downward gap from the strong resistance level 1.8940 (which stopped the previous waves 3 and (b)).

The downward reversal from the resistance level 1.8940 stopped the earlier sharp upward impulse waves (iii) and 5.

Given the overbought daily Stochastic and the strength of the nearby resistance level 1.8940, GBPAUD can be expected to fall toward the next support level 1.8700.

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