Sterling Wave Analysis – 11 May 2023

• Sterling reversed from resistance level 1.2640

• Likely to fall to support level 1.2400

Sterling under the bearish pressure after the price reversed down from the long-term resistance level 1.2640 (former top of the weekly correction 4 from 2022).

The downward reversal from the resistance level 1.2640 stopped the earlier weekly impulse sequence 1 of wave (C) from March.

Given the overbought weekly Stochastic, Sterling can be expected to fall toward the next support level 1.2400.