GBP/NZD reversed from resistance zone Next sell target - 1…
GBP/USD broke key support level 1.3750
- GBP/USD broke key support level 1.3750
- Next sell target - 1.3500
GBP/USD continues to fall inside the minor corrective wave (ii), which previously broke the key support level 1.3750 (which reversed the previous minor wave 2 in March). The breakout of the support level 1.3750 coincided with the breakout of the support trendline of the daily up channel from the last year and the 61.8% Fibonacci correction of the upward impulse from December. GBP/USD is expected to fall toward the next sell target at the next support level 1.3500 (former support from January).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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