GBPUSD Analysis

The short-term support of the British pound against the US dollar is at 1.3110.

1. On the daily line, the British pound against the US dollar WXY three waves fluctuated or stopped near 1.3168, the price is rising from 1.2784, the 100% target of the rising Y wave;
   2)the exchange rate is expected to fall back to 1.3079, It is the 23.6% Fibonacci retracement of the 1.2784-1.3171 up range. The 38.2% and 50% Fibonacci retracements are at 1.3023 and 1.2977 respectively.
   3)On the hourly chart, the partial upward convergence wedge shape of the exchange rate becomes more apparent, and the lower support is around 1.3110. Once it falls below, the 1.31 mark will face a test. It is also the 61.8% Fibonacci retracement of the 1.3057-1.3171 up range.