GBPAUD Wave Analysis – 4 May, 2020

GBPAUD reversed from resistance zone
Likely to fall to 1.9290

GBPAUD recently reversed down from the resistance zone located between the key resistance level 1.9510 (former strong support from March and April) and the 38.2% Fibonacci correction of the earlier downward impulse from the start of April.

The downward reversal from this resistance zone stopped the previous short-term corrective wave (iv).

GBPAUD is expected to fall further toward the next support level 1.9290 (former monthly low from March).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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