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.
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
