GBPUSD Wave Analysis – 22 December, 2022

• GBPUSD falling inside minor correction 2

• Likely to fall to support level 1.1900

GBPUSD continues to fall inside the minor retracement 2, which started earlier from the key resistance level 1.2355 intersecting with the 61.8% Fibonacci correction of the weekly downward impulse from January.

The active wave 2 belongs to the intermediate impulse sequence (C) from the start of November.

Given the overriding weekly downtrend, GBPUSD can be expected to fall further toward the next support level 1.1900 (low of the earlier correction (b)).