GBP/AUD: buy target - 2.1600
By: Dmitriy Chernovolov
- GBP/AUD reached buy target 2.1400
- Next buy target - 2.1600
GBP/AUD recently reversed up from the support trendline of the daily up channel from May. The upward reversal from this support trendline accelerated the active minor impulse wave 5 (which is a part of the intermediate impulse wave (3) from March) – helping the pair reach the resistance level 2.1400 (which was set as the buy target in our previous forecast for this currency pair).
If the price breaks above the resistance level 2.1400 - GBP/AUD can then rise further in the active impulse waves 5 and (3) toward the next buy target at the resistance level 2.1600. Buy stop-loss can be placed below the aforementioned support trendline.