GBPUSD Technical Analysis Report 12 April, 2024

Dmitry Chernovolov Market Analyst

GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

– GBPUSD broke support zone

– Likely to fall to support level 1.2400

GBPUSD currency pair recently broke the support zone located between the key support level 1.2570 (which has been reversing the price from December) and the 38.2% Fibonacci correction of the previous upward ABC correction (2) from October. The breakout of this support area accelerated the active minor impulse wave 1 which belongs to the intermediate impulse wave (C), which started earlier from the key resistance level 1.2700.

Given the strongly bearish sterling sentiment coupled with the widespread bullish USD sentiment, GBPUSD currency pair can be expected to all further toward the next support level 1.2400, target price for the completion of the active minor impulse wave.

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