FBS - Analytics


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    GBP/USD: sell targets - 1.4000 and 1.3840

    • GBP/USD falling inside intermediate impulse wave (5)
    • Next sell targets - 1.4000 and 1.3840

    GBP/USD recently reversed down from the resistance zone lying between the resistance level 1.4400 (which reversed the price at the end of February), the upper daily Bollinger Band, 38.2% Fibonacci correction of the previous sharp downward impulse from December. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing - completing the previous intermediate ABC correction (4) from last month.

    GBP/USD is likely to fall further in the active intermediate impulse wave (5) toward the next sell target at the round support level 1.4000 – the breakout of which can lead to further losses toward 1.3840.

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