GBP/USD reversed from strong resistance zone
- GBP/USD reversed from strong resistance zone
- Next sell target - 1.4500
GBP/USD recently reversed down from the strong resistance zone lying between the resistance levels 1.4750 and 1.4650 (which has been reversing this currency pair from the start of February, as can be seen below). This resistance zone was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the previous sharp downward impulse from November of 2015. The downward reversal from this resistance zone completed the previous minor correction 2.
GBP/USD is likely to fall further in the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the start of May. GBP/USD is likely to fall further to the next sell target at the support level 1.4500.