GBPJPY Wave Analysis 31 July 2023

– GBPJPY reversed from key support level 179.45

– Likely to rise to resistance level 184.00

GBPJPY currency pair recently reversed up from the key support level 179.45 (which stopped the previous waves a and b).

The support level 179.45 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from May.

Given the clear daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 184.00 (which stopped the previous impulse wave 3).