• GBPUSD reversed from the support area
• Likely to rise to support level 1.4700
GBPUSD currency pair recently reversed up from the support area lying between the key support level 1.3800 (which reversed the pair at the start of May) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous intermediate ABC correction (2).
Given the strength of the daily uptrend, bearish U.S. dollar sentiment seen across the FX markets today – GBPUSD currency pair can be expected to rise further toward the next round resistance level 1.4000. Strong support remains at the support level 1.380.
