GBPUSD Wave Analysis 12 July 2024

– GBPUSD under bullish pressure

– Likely to rise to resistance level 1.3120

GBPUSD currency pair is under bullish pressure after the earlier breakout of the resistance level 1.2850, which has been reversing the pair from 2023.

The breakout of the resistance level 1.2850 results from the simultaneously strongly bullish sterling sentiment and the equally weak USD sentiment.

GBPUSD can be expected to rise further to the next round resistance level 1.3120 (former multi-month high from the middle of 2023).