GBP/USD broke sideways price channel
- GBP/USD broke sideways price channel
- Next sell target - 1.2600
GBP/USD continues to fall after the earlier breakout of the pivotal support level 1.2850 (which is the lower boundary of the sideways price channel inside which the pair has been trading from the end of June, as can be seen form the daily GBP/USD chart below). The upper boundary of this price range stands at the resistance level 1.3400.
The breakout of the support level 1.2850 is likely to accelerate the active minor impulse waves (iii) and 3 – both of which belong to the sharp intermediate impulse wave (3) from the end of June. GBP/USD is expected to fall down further in the direction of the next sell target at the support level 1.2600.