GBPUSD – Flat
GBPUSD did move exactly as we predicted it to move yesterday. The price was rejected at 1.2134, and as we can see on the chart above the market has formed an ascending channel from 1.1911 to 1.2134. Since this is a bearish pattern we will wait for the market to break below the lower trendline of this channel the enter sell trades, and because the market is in a corrective phase the price is likely to drop up 1.1679, (Our minor corrective wave C). Price reaching this level will mark the end of the corrective phase.
Trade Recommendations:
We’re short
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