• GBPAUD reversed from major resistance area
• Likely to fall to support level 1.8780
GBPAUD currency pair recently reversed down from the major resistance area located between the round resistance level 1,900, upper weekly Bollinger Band and the 50% Fibonacci correction of the downward price impulse from the start of last year. The downward reversal from this resistance area stopped the pervious impulse waves 3 and (3).
Given the strength of the aforementioned resistance area, overbought weekly Stochastic and the strengthening bearish sterling sentiment seen across the FX markets today, GBPAUD currency pair can be expected to be expected to fall further toward the next support level 1.8780.