Technical analysis

GBPAUD Wave Analysis – 30 October , 2018

  • GBPAUD broke support area
  • Further losses are likely

GBPAUD recently broke through the support area lying at the intersection of the round support level 1.8000 (monthly low from September) and the 50% Fibonacci correction of the previous sharp upward correction from August.

The breakout of this support area should accelerate the active short-term impulse wave C – which belongs to the medium-term ABC correction (2) from the middle of October.

GBPAUD is expected to fall further and re-test the next strong support level 1.7800 (former support from September and the target price for the completion of the active impulse wave C).

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