GBPAUD recently reversed up from the support area located between the key support level 1.96000 (which stopped the previous wave (A) in March), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous sharp upward impulse (C) from last December. Given the moderately bullish Sterling sentiment seen across the markets today – GBPAUD is likely to rise further toward the next resistance level 1.98800 (which stopped the earlier corrective wave B in March, as can be seen below).