Technical analysis

GBPUSD Wave Analysis – 17 February 2023

 • GBPUSD reversed from support level 1.1915

• Likely to rise to resistance level 1.2200

GBPUSD currency pair recently reversed up from the strong support level 1.1915 (which has been reversing the price from the end of November) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.1915 stopped the previous short-term impulse wave (iii).

Given the oversold daily Stochastic, GBPUSD can be expected to rise further toward the next resistance level 1.2200.

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