Categories: Technical analysis

Sterling Wave Analysis 9 February, 2021

• Sterling broke resistance level 1.3750

• Likely to reach resistance level 1.3900

Sterling today broke sharply above the pivotal resistance level 1.3750 (which stopped the three pervious waves (iii), (v) and (b) – as can be seen below).

The breakout of the resistance level 1.3750 accelerated the active short-term impulse wave 5 from the start of February.

Given the prevailing uptrend and strongly bearish USD sentiment seen today – the pair is likely to extend the gains toward the next resistance level 1.3900.

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.

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The FxPro Tech Analysis Team
Tags: GBPUSD

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