GBPUSD under bearish pressure after the earlier breakout of the key support level 1.22000 (which started the sharp uptrend in October of 2018, as can be seen from the daily GBPUSD chart below) – which accelerated the active impulse wave (iii) – which belongs to the medium-term impulse wave C from January. Given the strong bearish sentiment affecting the Sterling at the moment – GBPUSD is likely to extend the losses toward the next support level 1.20000 (former low of the daily Morning Star from the start of September).