Technical analysis

GBPUSD Wave Analysis – 27 February 2023

• GBPUSD reversed from key support level 1.1915

• Likely to rise to resistance level 1.2200

GBPUSD recently reversed up from the key support level 1.1915 (which has been reversing the pair from the end of November) intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from November .

The upward reversal from the support level 1.1915 is likely to form the daily candlesticks reversal pattern Bullish Engulfing.

GBPUSD can be expected to rise further toward the next resistance level 1.2200 (which stopped the pervious wave (ii)).

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