GBPAUD currency pair started this day with the strong upward bias – after the pair broke through the resistance zone located between the pivotal resistance level 1.8780 (which reversed the price multiple times from the start of August, as can be seen from the daily GBPAUD chart below) and the 38.2% Fibonacci correction of the previous strong downward ABC correction (B) from the middle August.
The breakout of the aforementioned resistance zone accelerated the active medium-term upward correction (B) – continuing the strong uptrend that can be seen on the daily and the weekly GBPAUD charts.
According to todays analysis of currency sentiment, GBPAUD is currently under the effect of the mutually reinforcing different-direction sentiment forces – namely the rising sterling sentiment and also the deteriorating Australian dollar sentiment. The price is likely to rise to the next resistance level 1.8950 (former top of waves 3 and B and which is also the target price for the completion of the active ABC correction (B)).
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