Technical analysis

GBPUSD Wave Analysis – 13 March 2023

• GBPUSD reversed from support level 1.1855

• Likely to rise to resistance level 1.2250

GBPUSD currency pair recently reversed up from the key support level 1.1855 (previous monthly low from January) standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 1.1855 created the daily candlesticks reversal pattern Morning Star.

GBPUSD can be expected to rise further toward the next resistance level 1.2250 (top of wave (b) from February).

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