• GBPUSD reversed from resistance area
• Likely to fall to support level 1.410
GBPUSD currency pair recently reversed down from the resistance area lying between the long-term resistance level 1.4237 (which stopped the previous sharp uptrend in February as can be seen below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous intermediate impulse wave (3).
Given the strength of the aforementioned resistance area rising bearish sterling sentiment seen across the FX markets today on rising Covid-19 infections in UK – GBPUSD currency can be expected to fall further toward the next support level 1.410 (which has been underpinning this currency pair in the second half of May).