GBPUSD Wave Analysis 19 July 2024

– GBPUSD reversed from resistance area

– Likely to fall to support level 1.2820

GBPUSD currency pair earlier reversed down from the resistance area located between the key resistance level 1.3060 (which stopped the multi-month uptrend in July) and the upper weekly Bollinger Band.

The downward reversal from this resistance area stopped the previous weekly impulse wave of the longer-term upward impulse wave (C).

Given the overbought daily Stochastic, GBPUSD currency pair can be expected to fall further to the next support level 1.2820.