GBP/USD: buy targets - 1.5675 and 1.5800
By: Dmitriy Chernovolov
- GBP/USD reversed from support zone
- Next buy targets - 1.5675 and 1.5800
GBP/USD continues to rise after the earlier sharp upward reversal from the support zone lying between the support level 1.5350, the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous primary ABC wave ② from April (as you can see below).The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern - Morning Star Doji.
GBP/USD is likely to retest the resistance level1.5675 (which stopped earlier wave (2)) – the breakout of which can lead to further gains toward 1.5800.