Monday, 26 August 2019 05:57 GMT

GBPUSD Wave Analysis 17 July, 2019

(MENAFN - FxPro)

  • GBPUSD reversed from support area

  • Further gains are likely

GBPUSD recently reversed up from the support area lying between the multi-month support level 1.24000 (which stopped the earlier downtrend in January) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous impulse waves 3 and (3).

Given the oversold reading on the daily Stochastic indicator GBPUSD is expected to rise further and retest the next resistance level 1.2500.


GBPUSD Wave Analysis 17 July, 2019

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