GBPUSD Wave Analysis – 12 July, 2019

GBPUSD reversed from support area
Further gains are likely

GBPUSD recently reversed up from the support area lying between the key support level 1.2470 (which has been reversing the price from December) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 3 from the end of June.

GBPUSD is expected to rise further and retest the next resistance level 1.2600.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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