• GBPUSD reversed from key resistance level 1.2635
• Likely to fall to support level 1,2400
GBPUSD recently reversed down from the key resistance level 1.2635 (which stopped wave (iv) at the start of May) – standing close to the 38.2% Fibonacci correction of the previous downward impulse 3 from March.
The downward reversal from the resistance level 1.2635 started the active minor corrective wave (b).
Given the strong daily downtrend, GBPUSD can be expected to fall further toward the next support level 1,2400.
