Technical analysis

GBPUSD Wave Analysis – 27 May, 2021

• GBPUSD reversed from support area

• Likely to rise to resistance level 1.4245

GBPUSD currency pair previously reversed up from the support area lying between the support level 1.4095 and the 38.2% Fibonacci correction of the upward impulse from the start of May.

The upward reversal form this support area started active minor impulse wave (iii) – which belongs to the higher order impulse waves 3 and (3)..

GBPUSD currency pair can then be expected to rise further toward the next resistance level 1.4245 (which stopped the sharp uptrend in February).

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