GBP/USD: buy target - 1.5800
By: Dima Chernovolov
- GBP/USD reached buy target 1.5520
- Next buy target - 1.5800
GBP/USD yesterday broke sharply above the strong resistance level 1.5520 (the top of the previous intermediate correction (4), which was set as the buy target in our previous forecast for this currency pair). The price earlier reversed down from this price level to the support zone lying between the 38.2% Fibonacci retracement of the previous sharp intermediate corrective wave (A) and the former resistance trendline of the wide extended daily down channel form last year (acting as support now after it was broken).
The active (C)-wave which started from the aforementioned support zone recently broke the resistance level 1.5520. GBP/USD is set to rise further toward the next buy target 1.5800 (upper boundary of the previous sideways price range from December).