Currency Analyst since 2010

GBP/USD: next buy target

Dima Chernovolov

  • GBP/USD broke pivotal resistance level 1.5000
  • Next buy target - 1.5200

GBP/USD continues to rise inside the intermediate ABC correction (2) – which started earlier this month – when the pair reversed up from the strong support zone lying between support levels 1.4700 (previous sell target set in our earlier forecast for this pair) and 1.4600. The C-wave of the active ABC correction recently broke the pivotal resistance level 1.5000 (which has been reversing this currency pair from the middle of March, as you can see from the daily GBP/USD chart below).

The breakout of the resistance level 1.5000 accelerated the active C-wave. The pair is likely to rise further toward the next buy target 1.5200.

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