Technical analysis

GBPUSD Wave Analysis – 4 April 2023

• GBPUSD under the bullish pressure

• Likely to rise to resistance level 1.2600

GBPUSD under the bullish pressure after the price broke the key resistance level 1.2440 (which has been reversing the price from the middle of 2022, as can be seen below).

The breakout of the resistance level 1.2440 accelerated the C-wave of the active ABC correction (2).

Given the strongly bullish sterling sentiment sent today, GBPUSD can then be expected to rise further toward the next resistance level 1.2600 (target for the completion of the active wave C).

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