Wave Tech Analysis

FxPro Forex Analysis: GBP/AUD broke key resistance level 1.7960

GBP/AUD broke key resistance level 1.7960
• Further gains are likely

GBP/AUD continues to rise inside the short-term impulse wave 3 – which recently broke through the key resistance level 1.7960 (which reversed the price multiple times in June and July, as can be seen below).

The breakout of the resistance level 1.7960 was preceded by the breakout of the resistance trendline of the daily down channel from the middle of May.

GBP/AUD is expected to rise further and retest the next resistance level 1.8200 (top of the Morning Star from May and the target for the completion of the active impulse wave 3).

GBPAUD - 5 - Aug-31 1852 PM (1 day)