• GBPUSD broke support area
• Likely to fall to support level 1.3785
GBPUSD falling today after the price broke the support area lying between the support level 1.4000 (former monthly high from April), 50-day moving average and the 50% Fibonacci correction of the upward impulse (1) from the start of April. The breakout of this support area accelerated the active ABC correction (2).
Given the strengthening bearish sterling sentiment – GBPUSD currency pair can be expected to fall further toward the next support level 1.3785 (low of the previous minor correction 2 and the target price price for the completion of the active corrective wave (2)).