Currently, GBPUSd is within an expanding wedge formation. we went short following the bounce from the upper trendline and is still holding. Our expectations is that the price will continue downwards towards the 23.6% fib level. If you are on this chart, we recommend looking for sell positions towards 23.6% fib level and in case the price breaks and closes below it, then further momentum to the lowerside is expected. A bounce from the lower trendline will be a good place to consider a possible long term buy position towards the 1.3478.
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