GBPUSD Wave Analysis – 05 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 1.3300 (former monthly high from last September) and the upper daily Bollinger Band.

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

GBPUSD is expected to fall further and re-test the next round support level 1.3000 (low of the daily Hammer from February).

GBPUSD