Technical analysis

GBPUSD Wave Analysis – 18 June, 2021

• GBPUSD broke support area

• Likely to fall to support level 1.3750

Sterling under the bearish pressure after the price broke support area lying between the support level 1.3850 (former minor support from May) and the 61.8% Fibonacci correction of the upward impulse from the start of April.

The breakout of this support area accelerated the active short-term downward impulse wave (c).

Given the immense bullish pressure on U.S. dollar- GBPUSD can then be expected to fall further toward the next support level 1.3750 (target for the completion of the active impulse wave (c)).

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