Categories: Technical analysis

GBPUSD Wave Analysis 7 November 2024

– GBPUSD reversed from support level 1.2840

– Likely to rise to resistance level 1.3050

GBPUSD currency pair recently reversed up from the support level 1.2840 (which stopped the previous intermediate correction (A) at the end of October).

The upward reversal from the support level 1.2840 created the daily Japanese candlesticks reversal pattern Piercing Line.

Given the clear daily uptrend and the strong US dollar sales seen today, GBPUSD currency pair can be expected to rise to the next resistance level 1.3050 (top of the previous minor correction 4).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: GBPUSD

Recent Posts

GBPUSD Wave Analysis 22 November 2024

- GBPUSD broke support zone - Likely to fall to support level 1.2465 GBPUSD currency…

2 days ago

USDCHF Wave Analysis 22 November 2024

- USDCHF broke resistance zone - Likely to rise to resistance level 0.9000 USDCHF currency…

2 days ago

Downbeat PMIs Cemented EURUSD’s Fall

The decline in EURUSD was driven by weak PMI figures, with France and Germany both…

2 days ago

Gold hits new highs in euro

Gold has reached record high in euro above 2600, and growing fast in dollar terms…

2 days ago

Crypto market buzzing in anticipation of regulatory change

The crypto market is booming as the anticipation of regulatory changes grows. Bitcoin nears $100K,…

2 days ago

GBPCAD Wave Analysis 21 November 2024

- GBPCAD broke support zone - Likely to fall to support level 1.7500 GBPCAD currency…

3 days ago

This website uses cookies