GBPAUD recently broke through the key resistance level 1.9520 (which created the two Japanese candlesticks
reversal patterns Hammer in the middle of December, as can be seen below). The breakout of the resistance
level 1.9520 accelerated the active impulse waves (v) and 3 – which belong to wave (3) from December.
Given the strong bearish sentiment affecting Australian dollar today, coupled with the rising Sterling bullishness – GBPAUD is likely extend the gains toward the next resistance level 1.9880 (target price for the completion of the active impulse wave 3).