GBPUSD Wave Analysis – 10 December , 2018
December 10, 2018 @ 18:00 UTC
- GBPUSD broke multi-month support level 1.2700
- Further losses are likely
GBPUSD today broke through the strong, multi-month support level 1.2700 (which has been steadily reversing the price from the middle of 2017 – as can be seen from the weekly GBPUSD chart below).
The breakout of the support level 1.2690 continues the active medium-term impulse wave (3) of the long-term downer impulse sequence from September.
GBPUSD is expected to fall further and re-test the next resistance level 1.2400 (former support from April of 2017). Strong resistance now stands at 1.2700.