GBP/USD: buy target – 1.6000
By: Dima Chernovolov
- GBP/USD broke resistance level 1.5800
- Next buy target – 1.6000
GBP/USD has been rising strongly in the last few trading sessions – following the earlier breakout of the round resistance level 1.5000, which was set as the buy target in our previous report for this currency pair. The breakout of the resistance level 1.5000 intensified the bullish pressure on GBP/USD – helping the active minor impulse wave 3 break above the resistance level 1.5800 (top of the previous (A)-wave).
GBP/USD is likely to rise further inside the active minor impulse wave 3 toward the next buy target at the round resistance level 1.6000. Strong support remains at 1.5800.