GBP/AUD: buy targets – 1.9800 and 2.000
- GBP/AUD rises inside minor impulse 3
- Next buy targets – 1.9800 and 2.000
GBP/AUD recently reversed up sharply from the combined support zone lying at the intersection of the support level 1.9000 (which was set as the sell target in our previous forecast for this currency pair), the support trendline of the wide daily up channel from last September, 61.8% Fibonacci Correction of the previous impulse 1 and the lower daily Bollinger Band. The upward reversal from this support area completed the previous minor correction 2. The next upward impulse 3 recently broke the resistance levels 1.9200 and 1.9400.
GBP/AUD is likely to rise further toward the next buy targets at 1.9800 and 2.000. Buy stop-loss can be placed below the recently broken former-resistance level 1.9400.