GBPUSD Wave Analysis – 3 November, 2022
November 03, 2022 @ 13:56 +03:00
• GBPUSD reversed from resistance area
• Likely to fall to support level 1.1200
GBPUSD currency pair recently reversed down from the resistance area located between the pivotal resistance level 1.1660 (which stopped wave 4 in September), intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from May.
The downward reversal from the resistance level 1.1660 started the active minor corrective wave (ii) which belongs to wave C from October.
Given the strong daily downtrend, GBPUSD can be expected to fall further toward the next support level 1.1200 (target for the completion of the active wave (ii)).