- GBPUSD reversed from resistance area
- Further losses are likely
GBPUSD recently reversed down from the resistance area lying between the multi-month resistance level 1.3350 (which has been reversing the price from July) and the upper daily Bollinger Band.
The downward reversal from this resistance area started the active short-term impulse wave 1.
Given the clear bearish divergence on the daily Stochastic indicator – GBPUSD is expected to fall further and re-test the next support level 1.3100.