GBP/AUD reversed from resistance zone
- GBP/AUD reversed from resistance zone
- Next sell target - 1.7000
GBP/AUD recently reversed down from the resistance zone lying between the resistance level 1.7500, 61.8% Fibonacci correction of the previous minor impulse wave 3 and the lower trendline of the wide weekly down channel from last year (acting as resistance now after it was broken in July). This trendline earlier reversed waves 2 and (b), as can be seen from the daily GBP/AUD chart below.
GBP/AUD is expected to fall down further inside the active (b)-wave of the minor ABC correction 4 toward the next sell target 1.7000. Sell stop-loss can be placed above the aforementioned resistance level 1.7500.