GBP/AUD: sell target - 2.0200
By: Dmitriy Chernovolov
- GBP/AUD falling inside impulse wave 3
- Next sell target - 2.0200
GBP/AUD continues to fall after the recent downward reversal from the resistance zone lying between the pivotal resistance level 2.0530 (which has been reversing the price from the end of January, as you can see below) and the 50% Fibonacci retracement of the previous sharp downward impulse wave from the start of January. The downward reversal from this resistance zone continues the active minor impulse wave 3, which belongs to the intermediate (C)-wave from last November.
GBP/AUD is likely to fall further in the active impulse waves 3 and (C) toward the next sell target at the support level 2.0200 (which reversed the price last week).