GBPAUD Wave Analysis – 6 May, 2022

• GBPAUD reversed from support level 1.7200
• Likely to rise to resistance level 1.7493

GBPAUD currency pair recently reversed up sharply from the key support level 1.7200 (which stopped wave 1 at the start of April).

The upward reversal from the support level 1.7200 created the daily candlesticks reversal pattern Hammer – standing far below the lower daily Bollinger Band.

GBPAUD can be expected to rise further toward the next resistance level 1.7493 (former support pivot from the middle of April).