GBPUSD currency pair can be expected to fall further toward the next support level 1.2600.
– GBPUSD broke key support area
– Likely fall to support level 1.2600
GBPUSD currency pair under the bearish pressure after the earlier breakout of the key support area located between the pivotal support level 1.2740 (which reversed the pair with the Piercing Line at the start of August) and the 38.2% Fibonacci correction of the upward impulse wave (C) from the end of April, as can be seen from the weekly GBPUSD chart below. The breakout of this support area accelerated the active impulse wave (1).
Given the strongly bearish sterling sentiment that can be seen across the FX markets, GBPUSD currency pair can be expected to fall further toward the next support level 1.2600 (previous monthly low from June).
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