• GBPAUD broke daily up channel
• Further losses likely toward 1.7700

GBPAUD under pressure following the earlier breakout of the support trendline of the daily up channel from the end of July – which has enclosed the previous impulse waves (1) and 1. The breakout of this up channel accelerated the active short-term corrective wave 2 – which started earlier from the combined resistance zone lying at the intersection of the resistance level 1.8200 and the upper daily Bollinger Band. With the strong bearish GBP sentiment seen across the markets, GBPAUD is likely to remain under pressure in the nearest time and continue to decline in the direction of the next pivotal support level 1.7700 (low of the previous medium-term correction (2) from August and the forecast price for the completion of the active corrective wave 2).