GBPAUD Wave Analysis – 31 July, 2019

• GBPAUD reversed from support area
• Further gains are likely

GBPAUD recently reversed up sharply from the support area lying between the key support level 1.7600, lower daily Bollinger Band and the support trendline of the daily down channel from May.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer.

GBPAUD is expected to rise further and retest the next round resistance level 1.8000 (top of the previous corrections 2 and 4).