Technical analysis

GBPAUD Wave Analysis – 3 November, 2021

GBPAUD Wave Analysis – 3 November, 2021

• GBPAUD reversed from key support level 1.820

• Likely to rise to resistance level 1.8500                                                                  

GBPAUD currency pair continues to rise after the price reversed up from the key support level 1.820 (which has been reversing the price from the end of May) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.820 created the daily candlesticks reversal pattern Morning Star – which started the active impulse wave (3).

Given the strength of the support level 1.820, GBPAUD currency pair can be expected to rise further toward the next resistance level 1.8500.

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