Technical analysis

GBPUSD Wave Analysis – 02 November , 2018

  • GBPUSD rising inside corrective wave 2
  • Further gains are likely

GBPUSD continues to rise inside the sharp short-term corrective wave 2, which started earlier from the support area lying between the strong support level 1.2700 (which stopped the sharp downtrend in the middle of August) and the lower daily Bollinger Band.

The price earlier broke the resistance level 1.2920 (former support from October) – which strengthened the bullish pressure on this currency pair.

GBPUSD is expected to rise further and re-test the next resistance level 1.3250 (top of the previous corrective wave (2) from October).

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