Technical analysis

GBPUSD Wave Analysis – 19 May 2023

• GBPUSD reversed from support level 1.2410

• Likely to rise to resistance level 1.2535

GBPUSD recently reversed up from the strong support level 1.2410 (former strong resistance from December and January), standing near the lower daily Bollinger Band.

The upward reversal from the support level 1.2410 stopped the previous minor ABC correction (ii) from the start of this month.

Given the strong uptrend, nearby lower Bollinger Band and the oversold daily Stochastic, GBPUSD can be expected to rise further toward the next resistance level 1.2535.

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