GBPAUD Wave Analysis – 5 October, 2022
October 05, 2022 @ 17:12 +03:00
• 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).