GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.
– GBPUSD broke key support level 1.2400
– Likely to fall to support level 1.2200
Sterling under the strong bearish pressure after the price broke the key support level 1.24000 (which has been reversing the price from November, as can be seen from the daily GBPUSD chart below) standing close to the 50% Fibonacci correction of the previous primary ABC correction from last October. The breakout of the support level 1.2400 accelerated the active short-term impulse wave 3 of the higher order impulse wave (C) from the start of April.
Given the widespread strongly bearish sterling sentiment that can be seen across the currency markets today, GBPUSD currency pair can be expected to fall further toward the next support level 1.2200, previous strong support from November.
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