GBPUSD currency pair can be expected to fall further toward the next round support level 1.3000 (which stopped the earlier short term correction ii).
– GBPUSD broke support zone
– Likely to fall to support level 1.3000
GBPUSD currency pair under the bearish pressure after breaking through the support zone located at the intersection of the key support level 1.3200 (former resistance from the start of September, as you can see from the daily GBPUSD chart below), and the support trendline of the daily up channel from the start of August. The breakout of this support zone accelerated the active short-term correction 2, which is a part of the higher order impulse wave 3 from the start of August – which, in turn, belongs to wave (C) from April.
Given the strongly bullish US dollar bearish sentiment that can be seen across the currency markets today, GBPUSD currency pair can be expected to fall further toward the next round support level 1.3000 (which stopped the earlier short term correction ii).
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