Technical analysis

GBPUSD Wave Analysis 7 December, 2020

GBPUSD Wave Analysis 7 December, 2020

• GBPUSD reversed from powerful resistance level 1.3480

• Likely to fall to 1.3200

GBPUSD fell sharply today after the price reversed down from the powerful resistance level 1.3480 (which stopped the two previous uptrends – in December of 2019 and also in September of 2020), strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 1.3480 created the daily Japanese candlesticks reversal pattern Shooting Star Doji.

Given the predominantly bearish sterling sentiment seen across the FX markets today – GBPUSD is expected to fall further toward the next support level 1.3200.

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