GBPUSD Wave Analysis 12 January, 2021

• GBPUSD reversed from support level 1.3480

• Likely to rise to 1.3700

GBPUSD recently reversed up from the pivotal support level 1.3480 (former multi-month resistance from November of 2019 and August for 2020).

The upward reversal from the support level 1.3480 stopped the previous minor corrective wave 4.

Given the clear daily uptrend and the moderately bullish sterling sentiment – GBPUSD is likely to rise further toward the next resistance level 1.3700 (top of the previous impulse wave 3).