GBP/USD: buy target - 1.5520
By: Dima Chernovolov
- GBP/USD broke resistance level 1.5200
- Next buy target - 1.5520
GBP/USD recently broke sharply above the resistance level 1.5200, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level coincided with the breakout of the resistance trendline of the daily down channel from last year (as you can see from the daily GBP/USD chart below). This double breakout accelerated the active C-wave of the intermediate ABC correction (2) which started earlier this month.
GBP/USD is likely to rise further to the next buy target at the strong resistance level 1.5520 (which reversed the previous primary ABC correction ② in February).