GBPUSD Technical Analysis 29 September, 2021

• GBPUSD broke the support zone
• Likely to fall to support level 1.3400

GBPUSD currency pair continues to fall after the price broke the support zone located between the key support level 1.3600 (which has been reversing the price from the start of February) and the 50% Fibonacci retracement of the previous sharp upward impulse wave from last November. The breakout of this support zone accelerated the active impulse wave 3 – which belongs to the intermediate impulse wave (C) from the end of July.

Given the strongly bearish sterling sentiment seen across the FX markets today, GBPUSD currency pair can be expected to fall further toward the next round support level 1.3400 (target price for the completion of the active impulse wave (C)).

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