Elliott waves analysis – We’re short

GBPUSD – Flat

GBPUSD has been bearish for the last few days. Currently, the market is in an „ABC“ corrective phase we can see on the chart above, the market has formed an expanding wedge from minor corrective wave (a),1.0667, to minor corrective wave (b),1.0788. The price has already broken below the lower trendline of this channel and retested. The market has formed a double bottom at 1.1964. So the market can either buy from this level (1.1964) up to 1.2070 or it can break below this zone (1.1964) and then drop up to 1.1189.

Trade Recommendations:

We’re short

You may check other analytical reviews on FreshForex website. Source: freshforex.com.