GBP/USD broke resistance area

GBP/USD broke resistance area

2019-11-11 • Updated

  • GBP/USD broke resistance area
  • Next buy target - 1.3000

GBP/USD yesterday broke sharply above the resistance area lying between the pivotal resistance level 1.2700 (which has reversed numerous upward corrective waves from November, as can be seen below) and the 50% Fibonacci correction level of the previous sharp downward impulse from last September. The breakout of this resistance area accelerated the active impulse waves 3 and (C).

GBP/USD is expected to rise to the next buy target at the round resistance level 1.3000 (forecast price calculated for the completion of the active minor impulse wave 3).

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