GBPUSD Wave Analysis 5 April, 2021

• GBPUSD broke daily down channel

• Likely to rise to resistance level 1.4000

Sterling recently broke the resistance trendline of the daily down channel from the end of February (which enclosed the previous ABC correction 2).

The breakout of this daily down channel accelerated the active impulse waves (i), 3 and (3).

Sterling is likely to rise further toward the next round resistance level 1.4000 (former monthly high from March, which stopped the previous wave (b)).