GBPUSD recently reversed up from the support area lying between the multi-month support level 1.24000 (which stopped the earlier downtrend in January) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous impulse waves 3 and (3).
Given the oversold reading on the daily Stochastic indicator GBPUSD is expected to rise further and retest the next resistance level 1.2500.
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