• GBPUSD reversed from resistance area
• Likely to test support level 1.3565

GBPUSD currency pair recently reversed down from the strong resistance area set between major resistance level 1.3740 (which has been steadily reversing the price from the end of January as can be seen form the daily GBPUSD chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves 3 and (3).

Given the strength of the aforementioned resistance area, clear bearish divergence on the daily RSI indicator and the strengthening bullish sentiment affecting the US dollar today – GBPUSD currency pair is expected to fall further toward the next support level 1.3565 (which reversed the previous minor correction 2 at the start of February).