GBPUSD Wave Analysis – 20 July, 2022

• GBPUSD reversed from resistance area

• Likely to fall to support level 1.1800

GBPUSD currency pair recently reversed down from the resistance area lying between the resistance level 1.2030 (which stopped the previous wave (ii), as can be seen below) and the 38.2% Fibonacci correction of the downward impulse from June.

The downward reversal from this resistance area started the active short-term impulse wave (iii) of wave 5 from May.

GBPUSD can be expected to fall further toward the next support level 1.1800 (low of the previous impulse wave (i) from the middle of July).