Wave Tech Analysis

FxPro Forex Analysis: GBPUSD Wave Analysis – July , 2018

GBPUSD reversed from long-term support level 1.3070
• Likely to rise further

GBPUSD recently reversed up from the long-term support level 1.3070 (which has been reversing the price from October of 2017, as can be seen from the daily GBPUSD chart below). The support zone near the support level 1.3070 was strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.3070 created the daily Japanese candlesticks reversal pattern Morning Star

GBPUSD is likely to rise further and re-test the next resistance level 1.3300 (top of the previous corrective wave 2 from June).

GBPUSD - Primary Analysis - Jul-04 1718 PM (1 day)