• GBPUSD broke the resistance area
• Likely to rise to resistance level 1.4000
GBPUSD recently broke the resistance area lying between the key resistance level 1.3910 (which stopped the previous minor wave (b) at the start of April) and the 38.2% Fibonacci correction of the previous sharp downward correction from the end of February. The breakout of this resistance area should accelerate the active minor impulse wave 3 – which started earlier from the key support level 1.3700.
Given the prevailing uptrend that can be seen on the daily GBPUSD charts and the moderate sterling bullishness – GBPUSD currency pair can be expected to rise further toward the next resistance level 1.400 (which has been steadily reversing this currency pair the start of March).
