Technical analysis

GBPUSD Wave Analysis – 24 April 2023     


• GBPUSD reversed from key support level 1.2335

• Likely to rise to resistance level 1.2530

GBPUSD currency pair recently reversed up from the key support level 1.2335 (which stopped the previous corrections 2 and (ii)).

The support level 1.2335 was strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the upward impulse from March.

Given the clear daily uptrend and strong dollar sales, GBPUSD can be expected to rise further toward the next resistance level 1.2530.

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