Technical analysis

GBPUSD Wave Analysis – 10 December , 2018

GBPUSD Wave Analysis – 10 December , 2018
  • 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.

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