– 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.
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