Technical analysis

GBPAUD Wave Analysis – 5 October, 2022

GBPAUD Wave Analysis – 5 October, 2022

• GBPAUD reversed from resistance level 1.7650

• Likely to fall to support level 1.7400

GBPAUD currency pair recently reversed down from the multi-month resistance level 1.7650 (previous monthly high from August), intersecting with the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from January.

The downward reversal from the resistance level 1.7650 stopped the earlier short-term impulse wave (a).

Given the clear daily downtrend, GBPAUD currency pair can be expected to fall further toward the next support level 1.7400 (former resistance from August).

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