GBPUSD Wave Analysis – 31 January 2025

- GBPUSD reversed from the key resistance level 1.2500
- Likely to fall to support level at 1.2300

The GBPUSD currency pair recently reversed down from the key resistance level 1.2500 (the former monthly low from November, which is acting as resistance now after being broken previously).

The resistance level 1.2500 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the earlier downward impulse from the start of December.

GBPUSD currency pair can be expected to fall further toward the next support level at 1.2300 (the target price for the completion of the active minor correction B).