GBPUSD Wave Analysis 10 January 2025

- GBPUSD broke key support level 1.2300
- Likely to fall to support level 1.2100

GBPUSD currency pair recently broke the key support level 1.2300 (former multi-month low from April of 2024, as can be seen below from the daily GBPUSD chart below).

The breakout of the support level 1.2300 accelerated the active medium-term impulse wave (3).

Given the medium-term downtrend on the daily charts, GBPUSD currency pair can be expected to fall toward the next support level 1.2100 (former major support from the end of 2023).