GBPUSD – Flat
GBPUSD has been on an uptrend for the better part of this week. The market is currently correcting to the downside in form of a corrective 3 waves pattern. Again this pair formed a reversal pattern (Ascending channel) from 1.21021 to 1.23635. The market broke out of the lower trendline of this channel at 1.23599 and reversed up 1.27917. Now the market is impulsively moving to the downside. This shows that this pair is on a strong downtrend. You can place a sell order now and if you have any open sell orders, Hold it up to 1.21021. Lastly, the market can reverse to the upside up to 123.917 and form a double top before dropping.
Trade Recommendations:
We’re short
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
