GBPUSD Wave Analysis 19 April 2024

– GBPUSD broke key support level 1.2535

– Likely to fall to support level 1.2335

GBPUSD currency pair continues to fall strongly after breaking the key support level 1.2535, which has been steadily reversing the price from December.

The breakout of the support level 1.2535 coincided with true breakout of the 38.2% Fibonacci correction of the previous upward ABC correction (B) from last October .

Given the strong bearish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to fall further to the next support level 1.2335, target for the completion of the active impulse wave 3.