GBPUSD Wave Analysis – 6 October, 2022

• GBPUSD reversed from resistance level 1.1490

• Likely to fall to support level 1.1000

GBPUSD currency pair recently reversed down from the key resistance level 1.1490 (former strong support from the start of September), intersecting with the 61.8% Fibonacci correction of the earlier sharp downward impulse from August.

The downward reversal from this resistance level 1.1490 stopped the earlier short-term impulse wave (a) of the higher order ABC correction 2.

Given the clear daily downtrend, GBPUSD currency pair can be expected to fall further toward the next support level 1.1000.