GBPAUD previously reversed up sharply from the key support level 1.74250 (low of the previous sharp downward impulse wave (iii) from December which was set as the likely downward target in our previous forecast for this currency pair). The support area near the support level 1.74250 was strengthened by the lower daily Bollinger Band. Given the strength of the key support level 1.74250 and the significant AUD outflows seen across the FX markets today – GBPAUD is expected to rise further toward the next resistance level 1.77800 (which reversed this currency pair at the end of last month).