Technical analysis

GBPAUD Wave Analysis – 4 July, 2022

GBPAUD Wave Analysis – 4 July, 2022

• GBPAUD reversed from strong resistance level 1.7790
• Likely to test support level 1.7570

GBPAUD recently reversed down from the strong resistance level 1.7790 (former strong support from the start of March) , located near the upper daily Bollinger Band and the 61.8% Fibonacci correction of the earlier downward impulse from March.

The downward reversal from the resistance level 1.7790 stopped the previous minor ABC correction (ii).

Given the clear daily downtrend, GBPAUD can be expected to fall further toward the next support level 1.7570 (previous minor reversal low from the end of June).

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