GBPUSD Technical Analysis Report 12 April, 2021

• GBPUSD reversed from support area
• Likely to rise to resistance level 1.3905

GBPUSD currency pair recently reversed up from the support area lying between the support level 1.3680 (stopped the previous minor corrective wave (a) at the end of March), 100-day simple moving average, lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from the start of December. The upward reversal from this support area stopped the earlier downward impulse wave (i).

Given the clear daily uptrend and the significant sterling bullishness seen acorns the FX markets today – GBPUSD currency pair can be expected to rise further toward the next resistance level 1.3905 (top of the previous minor corrective wave (b) from the start of April).

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