Technical analysis

GBPAUD Wave Analysis 23 January 2024

– GBPAUD reversed from resistance level 1.9310

– Likely to fall to support level 1.9150

GBPAUD currency pair under the bearish pressure after the earlier downward reversal from the resistance level 1.9310, which has been reversing the price from the middle of October.

The resistance level 1.9310 was further strengthened by the nearby 50% Fibonacci correction of the downward impulse from August.

Given the strength of the resistance level 1.9310, GBPAUD can be expected to fall further to the next support level 1.9150.

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