GBP/USD: sell targets - 1.5100 and 1.5000
By: Dmitriy Chernovolov
- GBP/USD broke pivotal support level 1.5200
- Next sell targets - 1.5100 and 1.5000
GBP/USD continues to decline after the recent breakout of the pivotal support level 1.5200 (which reversed earlier waves (B) and 1 in June and September, as you can see below). The breakout of this support level coincided with the breakout of the 50% Fibonacci Correction of the previous primary ABC correction ② from the middle of April. These two support breakouts accelerated the active impulse waves 3 and (3) - which are a part of the primary downward impulse wave ③ from June.
GBP/USD is expected to fall further inside the active impulse waves 3 and (3) toward the next sell targets 1.5100 and 1.5000. Sell stop-loss can be placed above the resistance level 1.5200.