Given the strength of the resistance level 1.3430 GBPUSD currency pair can be expected to fall to the next support level 1.3235.
- GBPUSD reversed from resistance area
- Likely to fall to support level 1.3235
GBPUSD currency pair recently reversed down from the resistance area between the key resistance level 1.3430 (former multi-month high from September, which also reversed the price in the middle of April, as can be seen from the daily GBPUSD chart below), upper daily Bollinger Band and the resistance trendline of the daily up channel from the start of February. The downward reversal from this resistance area stopped the previous short-term impulse wave 3 from the start of this April – which belongs to the multi-month upward impulse sequence (3) from January.
Given the strength of the resistance level 1.3430, overbought daily Stochastic and the bearish sterling sentiment that can be seen on the currency markets today, GBPUSD currency pair can be expected to fall to the next support level 1.3235.
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