GBP/AUD broke support area

GBP/AUD broke support area

  • GBP/AUD broke support area
  • Next sell target - 1.6200

GBP/AUD has been falling in the last two trading sessions – following the earlier breakout of the support area lying at the intersection of the key support level 1.6600 (which stopped the previous minor impulse wave A, as can be seen below) and the 61.8% Fibonacci retracement of the previous sharp intermediate impulse wave (1) from the middle of March. GBP/AUD can then be expected to fall further toward the next sell target at the next support level 1.6200 (low of the previous correction 2 and the target price calculated for the termination of the active correction (2)).

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