GBP/AUD falling inside intermediate correction (B)
- GBP/AUD falling inside intermediate correction (B)
- Next sell target - 1.9750
GBP/AUD recently reversed down strongly from the resistance zone lying between the resistance level 2.0500 (previous buy target set in our earlier forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from November of 2015. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – marking the end of the previous wave (A).
GBP/AUD is likely to fall further in the active intermediate correction (B) toward the next sell target at the support level 1.9750.