GBPUSD Wave Analysis 27 December 2024

– GBPUSD reversed from support level 1.2495

– Likely to rise to resistance level 1.2625

GBPUSD currency pair recently reversed up from the pivotal support level 1.2495 (which has been steadily reversing the pair from May) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.2495 stopped the previous medium-term impulse wave (3).

Given the strength of the support level 1.2495 and the oversold reading on the daily Stochastic indicator, GBPUSD currency pair can be expected to rise to the next resistance level 1.2625 (former support from the end of November).