GBPUSD – Flat
GBPUSD was on a downtrend for the whole of last week, yesterday the market was very bullish. The market is in a corrective phase the market is moving in the form of a corrective 3-wave pattern. As we can see on the chart above the market has been rejected at the major zone,(1.1924) the market formed a double top and reversed. I expect this pair to buy up around 1.2139 the drop at least up to 1.1679. If you have any open buy orders you can hold them up to 1.2139. Should the market fail to break above 1.2057 this setup will be invalidated.
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