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We're sellers | 19 April 2023

19 April 2023, GBP/USD

We're sellers

GBPUSD has been bullish since the beginning of this week (17/4/2023) but is now in a corrective phase with an ABC corrective pattern. Additionally, 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 is a bearish reversal pattern. As the price has broken below the lower trendline of this ascending channel, it confirms a bearish signal and indicates that the price may drop at least up to 1.2170. Moreover, the market has also formed an expanding wedge, which is a bearish continuation pattern. Therefore, I expect the price to drop further to 1.2170.

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We're sellers

Bob Stan
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