GBPUSD Wave Analysis – 25 September, 2019

• GBPUSD reversed from resistance area
• Likely to fall to 1.2300

GBPUSD recently reversed down from the resistance area lying between the resistance level 1.2540 (former monthly low from July), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from May.

The downward reversal from this resistance area started the active short-term corrective wave B.

GBPUSD is expected to fall further and retest the next support level 1.2300 – which reversed the price earlier this month.