GBPUSD Wave Analysis – 12 March, 2020

• GBPUSD broke the support area
• Likely to fall to 1.2500

GBPUSD recently broke the support area lying between the support level 1.2775 (which reversed the price in November and February) and the 50% Fibonacci correction of the previous weekly ABC correction from last September.

The breakout of the aforementioned support area accelerated the active downward impulse w3aves 3 and (3).

With the strong bearish Sterling sentiment seen today – GBPUSD is likely to fall further toward the next round support level 1.2500 (forecast price for the completion of the impulse wave 3).