• GBPUSD broke support area
• Likely to fall to support level 1.3800
GBPUSD currency pair recently broke the support area lying between the key support level 1.3980 and the 50% Fibonacci correction of the previous sharp upward impulse wave (1) from the start of April. The breakout of this support area accelerated the active intermediate ABC correction (2) from the end of May.
Given strength of the active bullish USD sentiment and bearish sterling mood across the FX traders – GBPUSD currency pair can be expected fall further toward the next support level 1.3800 (former support from the end of April and the target for the completion of the active ABC correction (2)).