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GBP/USD falling inside intermediate impulse wave (3)

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  • GBP/USD falling inside intermediate impulse wave (3)
  • Next sell target - 1.2750

GBP/USD continues to fall inside the intermediate impulse wave (3), which started earlier from the strong resistance zone lying between the round resistance level 1.3000 (which also stopped the previous primary ABC correction ② in the middle of May) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star. Given the overbought daily Stochastic - GBP/USD is expected to fall to the next sell target at the next support level 1.2750.

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