• GBPAUD reversed from resistance area
• Likely to fall to support level 1.8000
GBPAUD currency pair recently reversed down from the resistance area lying between the multi-month resistance level 1.8275 (which has been steadily reversing the price from the start of October) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves (iii) and C – which are a part of the intermediate ABC correcting (2) from the start of January.
Given the strength of the aforementioned resistance area and the overbought reading on the daily Stochastic indicator – GBPAUD currency pair can be expected to fall further toward the next support level 1.8000.