GBP/USD: sell target - 1.5100
By: Dmitriy Chernovolov
- GBP/USD falling inside minor correction 2
- Next sell target - 1.5100
GBP/USD continues to fall sharply – following the earlier strong downward reversal from the resistance zone lying between the resistance level 1.5500 (which also previously reversed the sharp minor impulse wave 1 in October), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous intermediate ABC correction (2) from June. The downward reversal from this resistance zone started the active minor correction 2.
GBP/USD is likely to fall further in the active wave 2 toward the next sell target at the support level 1.5100 (which stopped the previous intermediate wave (2) at the end of September, as you can see below).