GBP/USD: sell target - 1.5000
By: Dmitriy Chernovolov
- GBP/USD reversed from resistance zone
- Next sell target - 1.5000
GBP/USD continues to fall after the recent downward reversal from the resistance zone lying between the resistance level 1.5150 and the 38.2% Fibonacci Correction of the previous downward impulse wave from the start of November. The downward reversal from this resistance zone accelerated the active minor impulse waves (iii) and 3 – both of which belong to the intermediate impulse wave (3) from August.
GBP/USD is likely to fall further in the active waves (iii), 3 and (3) in the direction of the next sell target at the round support level 1.5000 (intersecting with the support trendline of the daily down channel from June).