GBPUSD – Flat
GBPUSD has been moving sideways since yesterday (19/4/2023). Currently, this pair is in a corrective phase exhibiting the ABC corrective pattern. The market has formed an ascending channel from the major impulsive wave (I) at 1.2197 to the end of the impulsive wave (V) at 1.2546, which signals a bearish reversal pattern. As the price has broken below the lower trendline of this ascending channel and is now forming an expanding wedge, it indicates that this pair is very bearish. Consequently, I anticipate that this pair will continue to drop until it completes the corrective phase.
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