• 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)).
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