GBPAUD recently reversed up from the support area lying between the strong support level 1.78500 (low of the weekly Bullish Engulfing from the middle of 2019) and the lower weekly Bollinger band. The upward reversal from this support area started the active correction (2). Given the oversold weekly Stochastic, rising bearish sentiment affecting the Australian dollar today – along with the moderate sterling bullishness – GBPAUD is likely to extend the gains toward the next resistance level 1.81000 (last week’s high).
