GBP/USD: buy target -1.5800
By: Dmitriy Chernovolov
- GBP/USD approached resistance level 1.5670
- Next buy target -1.5800
GBP/USD has been rising steadily in the last few trading sessions – following the earlier upward reversal from the support zone lying between the support level 1.5400 (which also previously reversed the earlier intermediate impulse wave (1) in July), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward price move from April.
The price is currently trading close to the resistance level 1.5670, which has been reversing the price from the middle of July. If the pair breaks above 1.5670 - GBP/USD can then rise further to the next buy target at 1.5800 (target price calculated for the completion of the active wave C).