• GBPAUD reversed from support area
• Likely to rise to resistance level 1.8420
GBPAUD currency pair recently reversed up from the support area lying between the support level 1.8220 (former resistance level which has been reversing the price from the start of April) and the 38.2% Fibonacci correction of the upward impulse from the start of May. The upward reversal from this support area continues the active short-term impulse wave C from the middle of April.
Given the continuation of the daily uptrend, improvement in sterling sentiment across the FX markets seen today – GBPAUD currency pair can be expected to rise further toward the next resistance level 1.8420 (former monthly high from the end of May).