GBPUSD Wave Analysis – 3 September, 2020

• GBPUSD reversed from long-term resistance level 1.3480

• Likely to fall to 1,3200

GBPUSD recently reversed down with the daily Shooting Star from the powerful long-term resistance level 1.3480 (which also stopped the strong daily uptrend in December of 2019).

The resistance zone surrounding the resistance level 1.3480 was further strengthened by the resistance trendlines of the two daily up channels from June and March.

GBPUSD is likely to fall further toward the next support level 1,3200 (former major resistance from March).