GBP/USD: buy target - 1.5500
By: Dmitriy Chernovolov
- GBP/USD rises inside minor wave (ii)
- Next buy target - 1.5500
GBP/USD recently reversed up sharply after reaching the support level 1.5200, which was set as the sell target in our previous forecast for this currency pair. The support zone near 1.5200 was strengthened by the lower daily Bollinger Band, 50% Fibonacci Correction of the previous (B)-wave from April and the lower support trendline of the daily down channel from June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
GBP/USD is likely to rise further in the active minor correction (ii) toward the next buy target at the resistance level 1.5500.