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We're sellers | 16 February 2023

16 February 2023, GBP/USD

We're sellers

GBPUSD is currently in a corrective phase. The market has formed an ascending channel from minor corrective wave a,(1.1978) to minor corrective wave b,(1.2215) and as we can see on the chart above, the market has already broken below the lower trendline of this ascending channel. We expect the price to retrace up to 1.2085 and then drop probably up to 1.1189. Should the market break above 1.2085, this setup will be invalidated. You can place a sell order now. Your stop loss should be at 1.2152.

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We're sellers

Bob Stan
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