GBPJPY broke support area

• GBPJPY broke support area
• Further losses are likely

GBPJPY recently broke through the support area lying between the key support level 145.80 (former resistance from August, which reversed the price earlier this month) and the 38.2% Fibonacci correction of the previous sharp upward correction from the middle of August.

The breakout of this support area accelerated the active impulse wave 3- which belongs to the medium-term impulse wave (3) from the start of October.

GBPJPY is expected to fall further and re-test the next support level 144.00 (target price for the completion of the active impulse wave (3)).

GBPJPY