Technical analysis

GBPUSD Wave Analysis 20 April, 2021

• GBPUSD reversed from resistance level 1.400

• Likely to fall to support level 1.3900

GBPUSD recently reversed down from the key resistance level 1.4000 (which has been steadily reversing the pair for the last few trading weekly) – standing outside of the upper daily Bollinger Band.

The downward reversal from the resistance level 1.2475 stopped the previous intermediate impulse wave (3).

Given the overbought daily Stochastic – GBPUSD is likely to fall further toward the next support level 1.3900 (former resistance from the start of April).

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