GBPAUD recently reversed down from the resistance area lying between the key resistance level 1.95000 (former strong support from April and March) and the 38.2% Fibonacci retracement of the previous downward impulse wave C from the start of April. The downward reversal from this resistance area stopped the previous wave (B). With the strong bullish sentiment affecting Australian dollar at the moment – GBPAUD is likely to fall further toward the next round support level 1.90000 (which stopped the previous impulse wave C).
