Technical analysis

GBPAUD Wave Analysis 8 November 2023

– GBPAUD reversed from support level 1.8945

– Likely to rise to resistance level 1.9325

GBPAUD currency pair recently reversed up from the pivotal support level 1.8945 (which has been reversing the pair from the start of July) coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 1.8945 started the active intermediate impulse wave (3).

Given the strength of the active daily uptrend, GBPAUD can be expected to rise further toward the next resistance level 1.9325 (top of the previous impulse wave (1)).

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