GBPUSD Wave Analysis – 20 March, 2019

• GBPUSD reversed from resistance area
• Further losses are likely

GBPUSD recently reversed down from the resistance area lying between the multi-month resistance level 1.3350 (which has been reversing the price from July) and the upper daily Bollinger Band.

The downward reversal from this resistance area started the active short-term impulse wave 1.

Given the clear bearish divergence on the daily Stochastic indicator – GBPUSD is expected to fall further and re-test the next support level 1.3100.