Technical analysis

GBPAUD Wave Analysis 3 October 2023

– GBPAUD reversed from pivotal support level 1.8945

– Likely to rise to resistance level 1.9400

GBPAUD currency pair recently reversed up from the pivotal support level 1.8945 (which has been repeatedly reversing the pair from the start of July) intersecting with the lower daily Bollinger Band and support trendline of the daily down channel from August.

The upward reversal from the support level 1.8945 stopped the C-wave from the start of September.

Given the clear daily uptrend and strong AUD sales across the FX markets, GBPAUD can be expected to rise further toward the next resistance level 1.9400.

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