GBP/USD: likely to rise to 1.5500
By: Dima Chernovolov
- GBP/USD reversed up from support level 1.5200
- Further gains likely toward 1.5500
GBP/USD continues to rise after the recent upward reversal from the support zone lying between the support level 1.5200, the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous upward price impulse from April. This support zone also previously reversed the price at the start of this month – as you can see below.
GBP/USD is likely to rise further toward the next strong resistance level 1.5500 – from where the pair is likely to reverse down toward the next sell target at 1.5200.