GBPUSD Wave Analysis – 5 May, 2022

• GBPUSD falling inside impulse waves (iii),3 and (3)
• Likely to fall to support level 1.2250

GBPUSD currency pair recently broke the key support level 1.2670 (low of wave (B) from the end of 2020).

The breakout of the support level 1.2670 accelerated the active weekly downard impulse waves (iii),3 and (3).

Sterling can be expected to fall further toward the next support level 1.2250 (former support pivot from the middle of 2020).