Wave Tech Analysis

FxPro Forex Analysis: GBPUSD Wave Analysis – 18 July , 2018

GBPUSD broke key support level 1.3070
• Likely to fall further

GBPUSD recently broke through the key support level 1.3070 (which has been repeatedly reversing the price from last October, as can be seen from the daily GBPUSD chart below).

The breakout of this the support level 1.3070 accelerated the active medium-term impulse wave (3) from the start of July.

GBPUSD is likely to fall further and re-test the next resistance level 1.2900 (former support from August of 2017).

GBPUSD - Primary Analysis - Jul-18 1743 PM (1 day)