Technical analysis

GBPAUD Wave Analysis – 09 August, 2019

GBPAUD Wave Analysis – 09 August, 2019
  • GBPAUD reversed from resistance zone
  • Further losses are likely

GBPAUD recently reversed down with the daily Shooting Star sharply from the resistance zone lying between the round resistance level 1.8000 (which has been reversing the pair from the start of July), upper daily Bollinger Band and the 50% Fibonacci correction of the previous impulse wave (C) from June.

The aforementioned resistance area was strengthened by the resistance trendline of the daily down channel from May.

GBPAUD is expected to fall further and retest the next support level 1.7600 (which reversed the price twice in July).

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