Categories: Technical analysis

GBPUSD Wave Analysis 16 September 2024

– GBPUSD reversed from support zone

– Likely to rise to the resistance level 1.3255

GBPUSD currency pair continues to rise strongly after the earlier upward reversal from the support zone set between the support level 1.3020 (former resistance from July) and the 38.2% Fibonacci correction of the upward impulse from August.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strong daily uptrend and the bearish US dollar sentiment, GBPUSD currency pair can be expected to rise further to the next resistance level 1.3255 (former monthly high from August).

AddThis Website Tools
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.

Share
Published by
The FxPro Tech Analysis Team
Tags: GBPUSD

Recent Posts

Apple Wave Analysis – 20 March 2025

Apple: ⬇️ Sell - Apple reversed from resistance level 220.00 - Likely to fall to…

3 hours ago

IBM Wave Analysis – 20 March 2025

IBM: ⬆️ Buy - IBM reversed from support zone - Likely to rise to resistance…

3 hours ago

AUDNZD Wave Analysis – 20 March 2025

AUDNZD: ⬆️ Buy - AUDNZD reversed from key support level 1.0930 - Likely to rise…

6 hours ago

EURCAD Wave Analysis – 20 March 2025

EURCAD: ⬇️ Sell - EURCAD reversed from the resistance zone - Likely to fall to…

6 hours ago

Crypto Market Testing Resistance

The crypto market has increased by over 5% and is nearing the $2.9 trillion. The…

11 hours ago

Gold Wave Analysis – 19 March 2025

Gold: ⬆️ Buy - Gold continues daily uptrend - Likely to rise to resistance level…

1 day ago