Technical analysis

GBPUSD Wave Analysis – 15 June 2023


– GBPUSD broke key resistance level 1.2675

– Likely to rise to resistance level 1.2880

GBPUSD currency pair recently broke above the key resistance level 1.2675 (which stopped the previous sharp upward impulse wave (iii) at the start of May).

The breakout of the resistance level 1.2675 accelerated the C-wave of the active ABC correction (2) from the end of last year.

Given the strong daily uptrend and massive USD sales after Federal Reserve announced the rate hike pause, GBPUSD can be expected to rise further toward the next resistance level 1.2880 (target for the completion of the active impulse wave C).

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