GBP/AUD continues to rise after the recent reversal from the support zone near the support level 1.7800. This support zone was strengthened by the lower daily Bollinger Band, 50% Fibonacci Correction of the preceding upward impulse from October and support trendline of the daily up channel from last June.
GBP/AUD recently broke the resistance trendline from January – which should add to the bullish pressure on this currency pair. GBP/AUD is expected to rise in the currently active intermediate impulse(3) toward the next buy target at 1.8500.
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