GBPUSD Wave Analysis – 1 September, 2022

• GBPUSD broke key support level 1.1800

• Likely to test major support level 1.1455

GBPUSD currency pair under the bearish pressure after the earlier breakout of the key support level 1.1800 (low of the previous medium-term impulse wave (3)).

The downward reversal from the resistance level 1.3200 stopped the earlier short-term correction 2.

Given the powerful weekly downtrend – Sterling can be expected to fall further toward the next major support level 1.1455 (former multi-month low from the start of 2020).