GBP/AUD: next buy target
• GBP/AUD reversed from support zone
• Next buy target - 2.000
GBP/AUD recently reversed up from the combined support zone lying between the following support levels: the support level 1.9400 (which was mentioned in our earlier report for this currency pair), the 38.2% Fibonacci Correction of the previous sharp impulse wave 1 from January, the lower daily Bollinger Band and the support trendline of the daily down channel from February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing (highlighted below) – thereby completing the preceding minor ABC correction 2.
GBP/AUD is likely to rise further in the active minor impulse 3 toward the next buy target at the round resistance level 2.0000 (top of previous impulse 1). GBP/AUD is likely to correct down after reaching 2.0000.