Technical analysis

GBPUSD Wave Analysis 17 January 2024

– GBPUSD reversed from support level 1.2620

– Likely to rise to resistance level 1.2775

GBPUSD currency pair recently reversed up from the key support level 1.2620 (which has been repeatedly reversing the price from the middle of December).

The support level 1.2620 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the previous upward impulse 5 from December.

Given the strength of the support level 1.2620, GBPUSD can be expected to rise further to the next resistance level 1.2775 (which stopped the previous waves (C), A and (2)).

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