GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.
– GBPUSD reversed from resistance area– Likely to fall to support level 1.2700
GBPUSD currency pair recently reversed down from the resistance area located between the long-term resistance level 1.2820 (which has been reversing the pair from the last August, as can be seen from the daily sterling chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous C-wave of the intermediate ABC correction (2) from the middle of April. The pair is likely to form the daily Dark Cloud Cover Japanese candlesticks reversal pattern if the price closes today near the current levels.
Given the strength of the resistance level 1.2820 and the bearish divergence on the daily Stochastics indicator, GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.
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