GBP/USD Could Make A Reversal Around 1.280/1.380

GBP/USD fell sharply lower two weeks back after vote counts for EU membership showed that UK wants to leave the Eurozone. Pair fell to a new low which was technically expected as you know since we counted bounce from 1.3850 as a corrective fourth wave. So despite very strong leg down traders should be aware of a turn back to the upside in weeks ahead since we see price in fifth wave of decline; final wave of a five wave fall from 2015 high. Technically speaking 1.2800-1.3800 can be a support area for the pair.

GBP/USD Daily Chart

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