GBPUSD Wave Analysis – 1 September, 2022

• GBPUSD broke key support level 1.1800

• Likely to test major support level 1.1455

GBPUSD currency pair under the bearish pressure after the earlier breakout of the key support level 1.1800 (low of the previous medium-term impulse wave (3)).

The downward reversal from the resistance level 1.3200 stopped the earlier short-term correction 2.

Given the powerful weekly downtrend – Sterling can be expected to fall further toward the next major support level 1.1455 (former multi-month low from the start of 2020).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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