Elliott waves analysis – We’re buyers

GBPUSD – Flat

GBPUSD has been bullish since the beginning of this week. The market is in a corrective phase ( ABC corrective pattern). Additionally, the market appears to be forming a new trend, as evidenced by the rising wedge pattern seen on the chart. This pattern began from the minor corrective wave A at (1.1825) and is typically seen as a reversal pattern. We have already seen two touches on the upper trendline, and it is recommended to wait for a third touch before entering sell trades. If you currently hold a buy trade, it is advisable to close it at (1.2429).

Trade Recommendations:

We’re buyers

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