GBPUSD Wave Analysis – 17 April 2023

• GBPUSD reversed from resistance level 1.2510

• Likely to fall to support level 1.2340

GBPUSD continues to fall after the price reversed down from the key resistance level 1.2510 (which stopped the previous minor impulse wave 1 at the start of April).

The downward reversal from the resistance level 1.2510 created the daily Japanese candlesticks reversal pattern Evening Star.

Given the bearish divergence on the daily Stochastic, GBPUSD can then be expected to fall further toward the next support level 1.2340 (low of the previous minor correction 2).