GBPUSD Wave Analysis – 13 September, 2022

• GBPUSD reversed from resistance level 1.1740

• Likely to fall to support level 1.1400

GBPUSD recently reversed down from the key resistance level 1.1740 (former monthly low from July), 20-day moving average and the 38.2% Fibonacci correction of the downward impulse from August.

The downward reversal from the resistance level 1.1740 continues the active short-term impulse wave 3 of wave (5) from May.

GBPUSD can be expected to fall further toward the next support level 1.1400 (low of wave (v) and the target for the completion of the impulse wave 3).