Technical analysis

GBPUSD Wave Analysis 7 June 2024

– GBPUSD reversed from resistance level 1.2800

– Likely to fall to support level 1.2675

GBPUSD currency pair recently reversed down from the key resistance level 1.2800 (which has been repeatedly reversing the price from December) standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.2800 stopped the previous intermediate ABC correction (2).

Given the strength of the resistance level 1.2800, strongly bullish USD sentiment, and the overbought daily Stochastic, GBPUSD currency pair be expected to fall further to the next support level 1.2675, which stopped the previous waves ii and iv.

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