GBPUSD Wave Analysis 12 December 2024

– GBPUSD reversed from resistance level 1.2780

– Likely to fall to support level 1.2635

GBPUSD currency pair recently reversed down sharply from the resistance level 1.2780 (which reversed the price for the last 5 consecutive trading sessions) standing close to the 50% Fibonacci correction of the downward impulse from November.

The downward reversal from the resistance level 1.2780 started the active minor impulse wave 1, which belongs to the higher impulse wave (1).

Given the multi-month downtrend, GBPUSD currency pair can be expected to fall further to the next support level 1.2635 (low of the previous wave (B) from the end of November and the target for the completion of wave 1).