GBPUSD Wave Analysis – 3 November, 2022

• 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)).