Abstract: This disclosure describes processes and systems for generating a high-resolution velocity model of a subterranean formation from recorded seismic data gathers obtained in a marine seismic survey of the subterranean formation. A velocity model is computed by iterative FWI using reflections, resolving the velocity field of deep subterranean targets without requiring ultralong offsets. The processes and systems use of an impedance sensitivity kernel to characterize reflections in a modeled wavefield, and then use the reflections to compute a velocity sensitivity kernel that is used to produce low-wavenumber updates to the velocity model. The iterative process is applied in a cascade such that position of reflectors and background velocity are simultaneously updated. Once the low-wavenumber components of the velocity model are updated, the velocity model is used as an input of conventional FWI to introduce missing velocity components (i.e., high-wavenumber) to increase the resolution of the velocity model.