GBPAUD recently reversed down from the resistance zone lying between the pivotal resistance level 1.97500 (which stopped the previous impulse wave 1, as can be seen from the daily GBPAUD chart below) and the upper daily Bollinger Band. Given the overriding bearish Sterling sentiment seen cross the markets today, the strength of the aforementioned resistance zone and the clear bearish divergence on the daily Stochastic indicator – GBPAUD is expected to fall further toward the next support level 1.94000.
