Sterling Wave Analysis – 29 June, 2022

• Sterling broke support level 1.2170
• Likely to fall to support level 1.1945

Sterling continues to fall after the earlier breakout of the support level 1.2170 (lower boundary of the narrow sideways price range inside which the pair has been trading from the middle of June).

The breakout of the support level 1.2170 continues the active minor wave (b) of wave (ii) from the start of this month.

Given the clear daily downtrend, the Sterling can be expected to fall further toward the next support level 1.1945 (low of the previous minor wave (i)).