LeoPrime Daily Market Analysis

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GBPAUD under bullish pressure; Likely to rise to 1.90000

GBPAUD under bullish pressure after the earlier upward reversal from the support area lying between the strong long-term support level 1.85800 (low of wave (4) from November of 2019) and the lower daily Bollinger Band. The upward reversal from this support area started the active upward correction (iv). Given the clear bullish divergence on the daily Stochastic indicator, negative Australian dollar sentiment seen today – coupled with moderate bullishness toward the Sterling – GBPAUD is likely to extend the gains toward the next round resistance level 1.90000 (former support level from the end of April).

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