GBPUSD currency pair can be expected to rise to the next resistance level 1.3770 (which has been reversing the price from June).
- GBPUSD reversed from support area
- Likely to rise to resistance level 1.3770
GBPUSD currency pair recently reversed from the support area located between the key support level 1.354 (previous monthly high from January, as can be seen from the daily GBPUSD chart below), 38.2% Fibonacci correction of the upward price impulse (i) from the start of November and the upper trendline of the recently broken down channel from June (acting as the support after it was broken previously). The upward reversal from this support area stopped the previous short-term ABC correction (ii) – which belongs to the impulse waves 3 and (C).
Given the strong bearish US dollar sentiment seen across the FX markets today, GBPUSD currency pair can be expected to rise to the next resistance level 1.3770 (which has been reversing the price from June).
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