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Short temporarily

Short temporarily | 03 April 2023

03 April 2023, GBP/USD

Short temporarily

GBPUSD is currently in a corrective phase (ABC corrective pattern). The market has been moving in the form of an ascending channel, which is a bearish reversal pattern, from major wave (I) at 1.2183 up to major wave (V) at 1.2400. It is expected that this pair will drop to at least 1.2048. To take advantage of this situation, we should wait for the market to break below the lower trendline of this ascending channel. Alternatively, you can place a sell stop at 1.2324, so that if the market does break below the lower trendline, your sell orders will be activated immediately. For the remainder of this week, this pair will likely exhibit a very bearish sentiment.

Trade Recommendations:

Short temporarily

Bob Stan
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