GBPAUD Wave Analysis – 25 August, 2022

• GBPAUD broke support level 1.7000

• Likely to fall to support level 1.6800

GBPAUD currency pair recently broke the support level 1.7000 (which stopped the previous minor impulse wave 1 from the start of August).

The breakout of the support level 1.7000 coincided with the breakout of the daily down channel from the start of July – which accelerated the active impulse wave 3.

Given the clear daily downtrend, GBPAUD currency can be expected to fall further toward the next support level 1.6800.