GBPUSD Wave Analysis 5 October 2023

– GBPUSD reversed from support level 1.2050

– Likely to rise to resistance level 1.2265

GBPUSD currency pair recently reversed up from the key support level 1.2050 (former pivotal support from March) coinciding with the support trendline of the daily down channel from July.

The upward reversal from the support level 1.2050 created the daily Morning Star – strong buy signal for this currency pair.

Given the rising bullish sterling sentiment, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.2265 (top of wave 2 from last month).