GBPUSD – Flat
GBPUSD is currently undergoing a corrective phase, specifically the major wave ‚IV‘, within its overall impulsive phase. The chart indicates that the market has been following a falling wedge pattern, which is expanding in nature, since major impulsive wave ‚III‘ at 1.2825. Additionally, there is an ascending channel forming at 1.2715, which is a bearish reversal pattern. Based on this analysis, my expectation is for the market to form a double top around 1.2750 and subsequently decline towards our target of major wave ‚IV‘ at 1.2552.
Trade Recommendations:
We’re short for now
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
