GBPUSD Wave Analysis 4 August 2023

– GBPUSD reversed from support level 1.2600

– Likely to rise to resistance at 1.2820

GBPUSD recently reversed up from the key support level 1.2600, former resistance from May, which formed the daily Morning Star at the end of June.

If the pair closes today near the current levels it will also form the daily Japanese candlesticks reversal pattern Morning Star – with the middle candle being the Hammer.

GBPUSD can be expected to rise further toward the next resistance at 1.2820, former support from last month.