GBPUSD Wave Analysis – 30 January, 2023

• GBPUSD reversed from resistance level 1.2430

• Likely to fall to support level 1.2260

GBPUSD currency pair earlier reversed down from the key resistance level 1.2430 (which stopped the previous intermediate impulse wave (A) at the start of December).

The downward reversal from the resistance level 1.2430 stopped the earlier short-term impulse wave 3 of the impulse wave (C) from January.

Given the overbought daily Stochastic, GBPUSD can be expected to fall further toward the next support level 1.2260 (low of the previous correction 2).