• GBPUSD reversed from support zone
• Likely to rise to resistance level 1.4240
GBPUSD currency pair recently reversed up from the support zone lying between the support pivot 1.4100 (which has been reversing the price from the middle of May), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from last month. The upward reversal from this support zone is aligned with the active intermediate impulse sequence (3) from the end of April.
Given the prevailing uptrend and the improvement in the sterling sentiment seen across the FX markets today GBPUSD currency pair can be expected to rise further toward the next resistance level 1.4240 (which has been reversing the pair from the end of February).