Market Snapshots

GBPUSD Wave Analysis – 6 May, 2020

GBPUSD Wave Analysis – 6 May, 2020
  • GBPUSD reversed from resistance area
  • Likely to fall to 1.2240

GBPUSD recently reversed down from the resistance area lying between the resistance level 1.2610 (top of the previous correction (2)), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous down ward impulse (1) from December.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

GBPUSD is expected to fall further toward the next support level 1.2240 (low of the previous impulse wave 1).

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