GBPUSD – Flat
GBPUSD is currently very bearish. The market is currently in a corrective phase, following the ABC corrective pattern. As we can see from the chart above, the market has formed a rising wedge (which is expanding in nature), starting from minor wave „a“ at 1.2350 to the end of minor corrective wave „b“ at 1.2507. This is a bearish continuation pattern, indicating that the price is likely to remain bearish for the next few days. I anticipate this corrective phase to end at 1.2170. We will wait for the market to break below the lower trendline of this wedge pattern, and then place a sell order.
Trade Recommendations:
We’re sellers for now
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