Technical analysis

GBPAUD Wave Analysis 19 April, 2021

• GBPAUD reversed from key support level 1.7800

• Likely to rise to 1.8080

GBPAUD recently reversed up from the key support level 1.7800 (which has been reversing the price from the star of March) – standing near the lower daily Bollinger Band.

The upward reversal form the support level 1.7800 created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active impulse wave 3.

GBPAUD is likely to rise further toward the next resistance level 1.8080 (top of the previous corrective wave (b)).

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