Technical analysis

GBPUSD Wave Analysis 22 September 2023

– GBPUSD broke support level 1.2325

– Likely to fall to support level 1.2150

GBPUSD recently broke the strong support level 1.2325 (which has been reversing the price from April) intersecting with the 61.8% Fibonacci correction of the uptrend from March.

The breakout of the support level 1.2325 accelerated the active impulse wave (5), which belongs to the higher impulse wave 3 from July.

GBPUSD can be expected to fall further toward the next support level 1.2150 (target for the completion of the active impulse wave (5)).

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