GBP/USD: sell target - 1.4100
By: Dmitriy Chernovolov
- GBP/USD falling inside the intermediate impulse wave (5)
- Next sell target - 1.4100
GBP/USD continues to fall inside the intermediate impulse wave (5), which started recently – when the pair reversed down from the resistance zone lying between the resistance level 1.4600, the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (3) from last October, as can be seen from the daily GBP/USD chart below.
The price is likely to fall further in the active impulse wave (5) toward the next sell target at the support level 1.4100 (which stopped the previous intermediate impulse wave (3) in January).