LeoPrime Daily Market Analysis

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GBPAUD reversed from key support level 1.81750; Likely to rise to 1.86600

GBPAUD recently reversed up from the key support level 1.81750 (former resistance from the middle of June – which stopped the previous correction (b)) – intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse (i) from the middle of June. The upward reversal from this support zone started the active impulse wave (i). Given the strongly bullish Sterling sentiment and the moderately bearish Australian dollar seen across the currency markets today – GBPAUD is likely to extend the gains toward the next resistance level 1.86600 (top of wave (iv) from the end of May).

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