GBPUSD Wave Analysis – 9 March 2023

• GBPUSD reversed from support level 1.1855

• Likely to rise to resistance level 1.2050

GBPUSD recently reversed up from the powerful support level 1.1855 (previous monthly low from January) – coinciding with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 1.1855 stopped the previous impulse waves (iii) and C.

Given the still oversold daily Stochastic, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.2050.