GBPUSD Wave Analysis – 16 May, 2019

• GBPUSD broke key support level 1.2900
• Further losses are likely

GBPUSD recently broke the key support level 1.2900 (which stopped the previous short-term impulse wave 1 at the end of April).

The breakout of this support level continues the active short-term impulse wave 3 – which belongs to the medium-term impulse wave (3) from the start of April.

GBPUSD is expected to fall further and retest the next support level 1.2680 (target price for the completion of the impulse wave 3).