• GBPUSD reversed from key support level 1.3200
• Likely to rise to resistance level 1.3365

GBPUSD currency pair recently reversed up from the key support level 1.3200 (which has been reversing the pair from the end of November, as can be seen from the daily GBPUSD chart below) – standing near the lower daily Bollinger Band. The upward reversal from the support level 1.3200 stopped the previous short-term impulse waves iii and (v).

Given the strength of the support level 1.3200 and the bullish divergence on the daily Stochastic indicator, improved sterling sentiment as seen across the FX markets today, GBPUSD currency pair can be expected to rise further toward the next resistance level 1.3365 (which reversed the previous short-term correction (iv)).