Mon, Jun 05, 2023 @ 17:22 GMT

GBP/USD Wave Analysis

  • 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.

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