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We're sellers for now | 04 April 2023

04 April 2023, GBP/USD

GBPUSD is currently in a corrective phase (ABC corrective pattern). The market formed an ascending channel from major wave (I),1.2186 to major wave (V),1.2418, This is a bearish reversal pattern. The market has already broken below the lower trendline of this ascending channel. Currently, the market is at a major zone /Resistance zone (1.2418) expect the market to form a double top at this zone and then drop at least up to 1.2186. Lastly, should the market break above the resistance zone (1.2418). This setup will be invalidated.

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We're sellers for now

Bob Stan
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