GBPAUD Wave Analysis

  • GBPAUD reversed from strong resistance level 1.8940
  • Likely to fall to support level 1.8700

GBPAUD currency pair recently reversed down with the downward gap from the strong resistance level 1.8940 (which stopped the previous waves 3 and (b)).

The downward reversal from the resistance level 1.8940 stopped the earlier sharp upward impulse waves (iii) and 5.

Given the overbought daily Stochastic and the strength of the nearby resistance level 1.8940, GBPAUD can be expected to fall toward the next support level 1.8700.

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading