GBPUSD Wave Analysis – 17 March, 2020

• GBPUSD broke pivotal support level 1.2200
• Further losses likely toward 1.1945

GBPUSD under bearish pressure after the recent breakout of the pivotal support level 1.2200 (low of the previous intermediate ABC correction (B) from October).

The breakout of the support level 1.2200 greatly accelerated the active short-term impulse wave 3 which belongs to the extended downward impulse sequence (3) from December.

GBPUSD is likely to fall further toward the next support level 1.1945 (former powerful support from last September and the likely price for the completion of the active impulse wave (3)).