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.
Origin: FreshForex
