Categories: Technical analysis

GBPUSD Wave Analysis – 1 June, 2022

• GBPUSD reversed from key resistance level 1.2635
• Likely to fall to support level 1,2400

GBPUSD recently reversed down from the key resistance level 1.2635 (which stopped wave (iv) at the start of May) – standing close to the 38.2% Fibonacci correction of the previous downward impulse 3 from March.

The downward reversal from the resistance level 1.2635 started the active minor corrective wave (b).

Given the strong daily downtrend, GBPUSD can be expected to fall further toward the next support level 1,2400.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: GBPUSD

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