Sterling Wave Analysis 2 April 2024

– Sterling reversed from pivotal support level 1.2550

– Likely to rise to resistance level 1.2700

Sterling recently reversed up from the pivotal support level 1.2550, which has been reversing the pair from the start of December, as can be seen below.

The support level 1.2550 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from October.

Given the strength of the support level 1.2550, Sterling can be expected to rise further to the next resistance level 1.2700.