GBPUSD price started a smoothly ascending wave in late September 2022; due to which the value of this pair ascended up to almost 13%. While the formation of the ascending wave, a bullish triangle was formed on the chart. The price line is currently moving within the triangle pattern and it is almost touching the top resistance. Traders can expect the price line to maintain the ascending wave until touching level 0.382 of the Fibonacci retracement at 1.18555, there they can enter short positions heading to the support levels below the current position of the price line.

• There is resistance on 1.18500 followed by resistances at 1.19000 and 1.20000
• There is support at 1.14300 Below, there is 1.12861 and 1.11511

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

FXi (1)