Technical analysis of NZD/CHF
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).
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.