GBPUSD Wave Analysis – 1 May, 2020

• GBPUSD under bearish pressure
• Likely to fall to 1.2400

GBPUSD under bearish pressure after the earlier downward reversal from the resistance zone located between the resistance level 1,2600 (top of the previous wave (2)), upper daily Bollinger Band and the 61,8% Fibonacci retracement of the downward impulse from December.

The downward reversal from this resistance zone started the active short-term impulse wave 3.

GBPUSD is expected to fall further toward the next support level 1.2400 (low of the previous short-term correction (b) from last month).