Technical analysis

GBPUSD Wave Analysis – 26 July 2023


– GBPUSD reversed from support zone

– Likely to rise to resistance level 1.3000

GBPUSD recently reversed up from the support area set between the key support level 1.2850 (former monthly high from June), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from June.

The upward reversal from this support area started the active short-term correction b.

Given the strong daily uptrend, GBPUSD can be expected to rise further toward the next round resistance level 1.3000 (target price for the completion of the active wave b).

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