GBP/USD broke strong support zone

GBP/USD broke strong support zone

  • GBP/USD broke strong support zone
  • Next sell target - 1.2800

GBP/USD continues to fall after the recent breakout of the the support zone lying between the key support level 1.2960 (which stopped the previous minor correction (iv) in the middle of July), support trendline of the daily Rising Wedge from February and 50% Fibonacci retracement of the previous sharp upward impulse 1 from the end of June. The breakout of this support zone accelerated the active minor ABC correction 2. GBP/USD is expected to fall to next sell target at the next support level 1.2800.

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GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

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