GBPAUD recently reversed up from the support area lying between the key support level 1.9200 (low of the previous correction (iv)) and the 50% Fibonacci retracement of the earlier sharp upward impulse wave 1. The
upward reversal from this support area started the active short-term impulse wave 3. Given the clear daily uptrend and the rising bearish sentiment affecting Australian dollar today, GBPAUD is likely to remain under the bullish pressure and to rise further toward the next resistance level 1.9715 (top of the previous short-term impulse wave 1).