GBP/USD broke support zone

GBP/USD broke support zone

  • GBP/USD broke support zone
  • Next sell target - 1.2400

GBP/USD continues to fall after the earlier breakout of the support zone lying between the support level 1.2750 (which reversed earlier waves (iv) and 1, as can be seen from the daily GBP/USD chart below) and the 50-day moving average. The breakout of this support zone accelerated the active minor impulse wave 3, which belongs to the indeterminate impulse wave (C) from the middle of May. GBP/USD is expected to fall to the next sell target at the next support level 1.2400 (bottom of the pervious minor correction (ii) from April).



EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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