Market Snapshots

GBPUSD Wave Analysis – 14 April, 2020

GBPUSD Wave Analysis – 14 April, 2020
  • GBPUSD broke resistance area
  • Likely to rise to 1.2800

GBPUSD recently broke the resistance area lying between the resistance level 1.250 (top of the previous correction (a)) and the 50% Fibonacci retracement of the previous downward impulse 3 from the middle of December.

The breakout of this resistance area accelerated the active short-term impulse wave (c) – which belongs to the ABC correction 4 from March.

GBPUSD is likely to rise further toward the next resistance level 1.2800 (former strong support from the end of February and the likely price for the completion of the active wave 4).

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