GBP/USD: sell target - 1.3800
By: Dmitriy Chernovolov
- GBP/USD reached sell target 1.4100
- Next sell target - 1.3800
GBP/USD recently fell sharply – after the earlier breakout of the support level 1.4100 (low of the previous minor impulse wave from January), which was set as the sell target for this currency pair. The breakout of the support level 1.4100 accelerated the active minor impulse wave 5, which belongs to the intermediate downward impulse wave (3) from the middle of October.
Considering the accelerating downward Momentum - GBP/USD is likely to fall further in the active impulse waves 5 and (3) toward the next sell target at the support level 1.3800 (target price for the termination of the active intermediate impulse wave (3)). Strong resistance now stands at 1.4100.