Technical analysis

GBPUSD Wave Analysis – 9 January, 2023

GBPUSD Wave Analysis – 9 January, 2023

   • GBPUSD reversed from support level 1.1900

• Likely to rise to resistance 1.2300

GBPUSD currency pair recently reversed up from the support level 1.1900 (which also stopped the previous correction (iv) at the end of last month), intersecting with the daily lower Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.

The level 1.1900 created the second consecutive daily Japanese candlesticks reversal pattern Bullish Engulfing.

GBPUSD currency pair can be expected to rise further toward the next resistance level 1.2300 (which has been reversing the price from June).

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