GBPUSD Wave Analysis 5 February, 2021

• GBPUSD reversed from key support level 1.3530

• Likely to reach resistance level 1.3765

GBPUSD recently reversed up from the  key support level 1.3530 (which has been reversing the price form the start of January) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction level of the upward impulse from December.

The upward reversal from the support level 1.3530 created the daily Japanese candlesticks reversal pattern Hammer.

GBPUSD is expected to rise further toward the next resistance level 1.3765 (top of the previous waves 1 and (b)).