GBP/USD: sell target - 1.4500
By: Dmitriy Chernovolov
- GBP/USD reached sell target 1.4750
- Next sell target - 1.4500
GBP/USD recently fell sharply – breaking through the support level 1.4750, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse waves (iii) and 5, which belong to the sharp intermediate downward impulse wave (3) from August.
The price is currently trading close to the pivotal, multi-month support level 1.4570 (which stopped the previous primary impulse wave ① in April, as can be seen below).If the price breaks below 1.4570, GBP/USD can then fall further to the next sell target at the support level 1.4500 (target price for the completion of the active impulse wave (3)).