GBPUSD Wave Analysis – 8 November, 2021

• GBPUSD reversed from support level 1.3430

• Likely to rise to resistance level 1.3700                                                                  

GBPUSD currency pair continues to rise after the price reversed up from the key support level 1.3430 (pervious monthly low from September), intersecting with the 50% Fibonacci correction of the previous upward impulse from 2020 and the lower daily Bollinger band.

The upward reversal from the support level 1.3430 created the daily candlesticks reversal pattern Hammer.

Given the strength of the support level 1.3430, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.3700 (top of the earlier wave B).