GBP/USD: sell target - 1.4750
By: Dmitriy Chernovolov
- GBP/USD falling inside impulse waves (iii), 3 and (3)
- Next sell target - 1.4750
GBP/USD has been falling sharply in the last few trading sessions- following the earlier breakout of the round support level 1.5000, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.5000 accelerated the active impulse waves 3 and (3). The price earlier reversed down from the lower channel line of the wide daily down channel from June - which further accelerated the downward movement of this currency pair.
GBP/USD is likely to fall further in the active impulse waves (iii), 3 and (3) toward the next sell target at the support level 1.4750 (target price for the termination of wave 3).