GBPUSD Wave Analysis – 23 September, 2022

• GBPUSD under strong bearish pressure

• Likely to fall to support level 1.0800

GBPUSD under the strong bearish pressure after the pair broke the key support level 1.1400 (which stopped the previous downward impulse wave (iii) at the start of September).

The breakout of the support level 1.1400 led to the latest breakout of the two intersecting down channels from August and February.

Given the overriding downtrend that can be seen on the daily and the weekly charts, GBPUSD can be expected to fall further toward the next support level 1.0800.