GBPUSD Technical Analysis Report 3 April, 2024
GBPUSD currency pair recently reversed up from the key support level 1.2570, which has been reversing the price from the start of February,
– GBPUSD reversed from support level 1.2570
– Likely to rise to resistance level 1.2700
GBPUSD currency pair recently reversed up from the key support level 1.2570, which has been reversing the price from the start of February, as can be seen from the daily GBPUSD chart below. The support level 1.2570 was further by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from October. The upward reversal from the support level 1.2570 is likely to form the daily Morning Star Japanese candlesticks reversal pattern today – if the pair closes near the current price levels.
Given the strength of the nearby support level 1.2570 and the bullish sterling sentiment that can be seen across the global FX markets today, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.2700.
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