GBPUSD – Flat
GBPUSD is currently consolidating around 1.2450. The pair is currently in a corrective phase, with an ABC corrective pattern. The market has formed an ascending channel, stretching from the major impulsive wave (I) at 1.2197 to the end of the impulsive wave (V) at 1.2546, which indicates a bearish reversal pattern. The price has broken below the lower trendline of this ascending channel, and it is now forming an expanding wedge, which further confirms that this pair is highly bearish. It is expected that the pair will continue to drop, with a target price of 1.2170. Reaching this zone will mark the end of the corrective phase..
Trade Recommendations:
Sell the British pound
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
