GBPUSD – Flat
GBPUSD has been on an uptrend since last week but now it seems the trend is changing, the market has already formed the 5 major waves, and it’s currently correcting to the downside in form of a corrective 3-wave pattern. From 1.20857 to 1.23543 the market moved in form of an ascending channel. This pattern normally signals a price reversal. The market has already broken out of the lower trendline of this channel and retested. We’re currently on a string downtrend the market is moving impulsively to the downside. Again the market has broken below a major zone at 1.21055. I expect the market correct from 1.204651 up to 1.20857. From 1.20857 the market is likely to move to the downside up 1.15504, which is our minor corrective wave c.
Trade Recommendation:
We’re short
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