GBPUSD Wave Analysis – 12 July 2023

– GBPUSD broke key resistance level 1.2850

– Likely to rise to resistance level 1.3190

Sterling under the strong bullish pressure after the price broke the key resistance level 1.2850, which stopped the previous impulse wave (a) in the middle of June.

The breakout of the resistance level 1.2850 continues the active sharp upward impulse wave C of the weekly ABC correction (2) from last year.

Given the prevailing daily uptrend and strong USD sales across the FX markets, Sterling can be expected to rise further toward the next resistance level 1.3190 (target for the completion of wave C, intersecting with the daily up channel from March).