• GBPUSD falling inside impulse wave (3)
• Further losses are likely
GBPUSD continues to fall inside the medium-term downward impulse wave (3), which started earlier from the resistance area lying between key resistance level 1.3450 (former support level from May), upper daily Bollinger Band and 61.8% Fibonacci correction level of the previous sharp downward impulse from last month.
The active intermediate impulse wave (3) belongs to the sharp primary downward impulse sequence ③ from the middle of April.
GBPUSD is likely to fall further and re-test the next support level 1.3200 (low of the previous impulse wave (1)) – the breakout of which can lead to further losses toward 1.3070.