Technical analysis

GBPUSD Wave Analysis 19 May, 2021

• GBPUSD reversed from resistance level 1.4230

• Likely to fall to support level 1.4000

GBPUSD recently reversed down from the major resistance level 1.4230 (top of the previous impulse wave (1) from February) – strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 1.4230 stopped the previous minor impulse wave (iii).

GBPUSD is likely to fall further toward the next round support level 1.4000 (low of the previous minor correction (ii) from the start of May).

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