GBPUSD – Flat
GBPUSD has been bullish since the beginning of last week. The market is currently moving impulsively to the upside. The market is in a corrective phase ( ABC corrective pattern) as we can see on the chart above, the market formed a descending channel from the beginning of the major impulsive wave (1),1.1976 to the end of the major impulsive wave (5),1.1817. I expect the market to buy at least up to 124.10. The price reaching this zone (124.10) will mark the end of the corrective phase. You can place more buy orders with your take profit at 124.10.
Trade Recommendations:
We’re looking for low risk buy positions
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