GBP/AUD broke support levels 1.8600 and 1.8500
By: Dmitriy Chernovolov
- GBP/AUD broke support levels 1.8600 and 1.8500
- Next sell target – 1.8000
GBP/AUD continues to decline after the earlier breakout of the support levels 1.8600 (which was set as the sell target in our previous forecast for this currency pair) and 1.8500 (which stopped the previous minor impulse wave (iii)). The breakout of the support level 1.8500 is likely to accelerate the active C-wave of the intermediate ABC correction (2) from last August.
GBP/AUD is expected to fall further in the active waves (v), C and (2) toward the next sell target at the round support level 1.8000. Sell stop-loss can be placed above the recently broken price level 1.8600.