GBP/NZD reversed from resistance zone Next sell target - 1…
GBP/USD reversed from support zone
- GBP/USD reversed from support zone
- Next buy target - 1.4240
GBP/USD today reversed up from the support zone lying between the round support level 1.4000 (former resistance from March) and 50% Fibonacci correction of the upward price impulse from last month. If the pair closes today near the current levels it will form the daily Japanese candlesticks reversal pattern Bullish Engulfing. GBP/USD is expected to rise toward the next buy target at next resistance level 1.4240 (top of wave (i) from the end of March).
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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