GBPUSD – Flat
The Great British Pound is currently trading in a contracting wedge formation, previously the price rebounded from the corrective wave cycle two towards the upper side at the impulsive wave cycle three. The price then bounced back at the lower trendline at the corrective wave cycle four but then rebounded towards the upper trendline in continuation of the impulsive wave cycle five. Currently the price is rallying around the upper trendline, I expect a break above the upper trendline and a further bullish momentum with the first ideal target at 1.2380.
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