Technical analysis

GBPUSD Wave Analysis – 22 July, 2021

• GBPUSD reversed from support zone
• Likely to rise to resistance level 1.3875

GBPUSD currency pair recently reversed up from the support zone lying between the support levels 1.3565 and 1.3660 (monthly low from February and April).

The upward reversal from this support zone created the daily candlesticks reversal pattern Bullish Emgulfing which stopped the previous ABC correction (2).

GBPUSD can be expected to rise toward the next resistance level 1.3875 (which has been reversing the price from the start of July).

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