Elliott waves analysis – We’re sellers towards the lower trendline.

The British pound is currently within a converging wedge formation. As long as the price remains within this shape, I am waiting for a rebound from the upper trendline to pick a sell or a rebound from the lower tredline to pick a buy. On this chart, selling a break below the lower trendline looks ideal and can safely be recommended, or selling a rebound from the upper trendline, buy positions may be a bit risky at the moment.

We’re sellers towards the lower trendline.