Technical analysis

GBPUSD Wave Analysis 11 May, 2021

• GBPUSD broke resistance area

• Likely to rise to resistance level 1.4245

GBPUSD recently broke the resistance area lying between the round resistance level 1.4000 (which has been reversing the price from the start of March) and the 61.8% Fibonacci correction of the downward correction (2) from February.

The breakout of this resistance area accelerated the active short-term impulse wave 3.

Given the prevailing uptrend – GBPUSD is likely to rise further toward the next resistance level 1.4245 (former multi-month high from February).

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