Sell the British Pound | 21 Abril 2023
21 Abril 2023, GBP/USD
GBPUSD has been consolidating for the last few days. Currently, this pair is in a corrective phase (the ABC corrective pattern). The market has formed an ascending channel from the major impulsive wave (I) at 1.2197 to the end of the impulsive wave (V) at 1.2546, which signals a bearish reversal pattern. As the price has broken below the lower trendline of this ascending channel and is now forming an expanding wedge, it indicates that this pair is very bearish. I expect this pair to continue to drop up to 1.2170. Price reaching this zone will mark the end of the corrective phase.
Trade Recommendations:
Sell the British Pound
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
