Technical analysis

GBPAUD Wave Analysis 29 April, 2021

• GBPAUD reversed from support level 1.7815

• Likely to rise to resistance level 1.8050

GBPAUD recently reversed up with the daily Bullish Engulfing from the strong support level 1.7815 (which has been reversing the price from the start of March – as can be seen from the daily GBPAUD chart below).

The support zone near the support level 1.7815 was strengthened by the lower daily Bollinger Band.

GBPAUD is likely to rise further toward the next resistance level 1.8050 (which stopped the previous waves B and 1).

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