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.
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