Categories: Technical analysis

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).

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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