GBP/AUD: sell target - 2.0400
By: Dmitriy Chernovolov
- GBP/AUD falling inside impulse waves 3 and (C)
- Next sell target - 2.0400
GBP/AUD has been falling strongly in the last few trading sessions inside the 3rd minor impulse wave 3 which started recently – when the pair reversed down from the resistance zone lying between the resistance level 2.1200 (breakout level of the previous up channel from May), upper daily Bollinger Band and the 50% Fibonacci Correction of the previous downward price move from August.
GBP/AUD is likely to fall further in the active impulse waves 3 and (C) (which belong to the primary ABC wave ②) toward the next sell target at the support level 2.0400 (which stopped the previous minor impulse wave 1).