GBPUSD Wave Analysis – 23 August, 2021

• GBPUSD reversed from support zone

• Likely to rise to resistance level 1.3800

GBPUSD recently reversed up from the support zone set between the key support level 1.3600 (which has been reversing the price from the start of February), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impusle from last year.

The upward reversal from this support zone stopped the pervious medium-term ABC correction (2).

Given the prevailing uptrend, GBPUSD can be expected to rise further toward the next resistance level 1.3800 (former support from the middle of August).