GBP/AUD: buy target - 2.1400
By: Dmitriy Chernovolov
- GBP/AUD reversed from support zone
- Next buy target - 2.1400
GBP/AUD has been rising sharply in the last few trading sessions – following the earlier breakout of the resistance level 2.1000 (which was set as the buy target in our earlier forecast for this currency pair). The pair recently reversed up from the support zone lying between the aforementioned price level 2.1000 (acting as support now after it was broken), the upper channel line of the wide up channel from 2014 and 38.2% Fibonacci Correction of the earlier upward impulse from the end of wave (ii).
GBP/AUD is likely to rise further inside the active impulse wave (iii) toward the next buy target at 2.1400.