GBPUSD Technical Analysis Report 24 January, 2025

GBPUSD currency pair can be expected to rise to the next resistance level 1.2750 (which reversed the price at the end of last year).

– GBPUSD reversed from long-term support level 1.2110

– Likely to rise to resistance level 1.2750

GBPUSD currency pair recently reversed up with the weekly Japanese candlesticks reversal pattern Doji from the strong support zone located between the long-term support level 1.2110 (which started the weekly uptrend at the end of 2023, as can be seen from the weekly GBPUSD chart below) and the lower weekly daily Bollinger Band. The upward reversal from this support zone stopped the previous primary downward impulse wave 3 from the end of 2024.

Given the oversold weekly Stochastic, the strength of the aforementioned support zone, bearish US dollar sentiment coupled with the strongly bullish Sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to rise to the next resistance level 1.2750 (which reversed the price at the end of last year).

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