• Sterling reversed from support zone
• Likely to rise to resistance level 1.3375
Sterling continues to rise after the earlier upward reversal from the powerful support zone lying between the long-term support level 1.32 (which has been reversing the price from the end of 2020, as can be seen below) and the lower daily Bollinger band. The upward reversal from this support zone stopped the previous extended multi-month ABC correction (2) from the start of June.
Given the improved sterling sentiment seen across the currency markets today, Sterling can be expected to rise further toward the next resistance level 1.3375 (which stopped the price of the start of November).