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 pivotal resistance level 1.7650 (which has been reversing the price from July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave from the end of June. The downward reversal from this resistance zone started the (b)-wave of the active minor ABC correction 4.
GBP/AUD is expected to fall down further to the next sell target at the round support level 1.7000 (target price calculated for the completion of the active (b)-wave). Sell stop-loss can be placed above the aforementioned resistance level 1.7650.