Market Snapshots

Sterling Wave Analysis 9 February, 2021

Sterling Wave Analysis 9 February, 2021

• Sterling broke resistance level 1.3750

• Likely to reach resistance level 1.3900

Sterling today broke sharply above the pivotal resistance level 1.3750 (which stopped the three pervious waves (iii), (v) and (b) – as can be seen below).

The breakout of the resistance level 1.3750 accelerated the active short-term impulse wave 5 from the start of February.

Given the prevailing uptrend and strongly bearish USD sentiment seen today – the pair is likely to extend the gains toward the next resistance level 1.3900.

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