GBPUSD is currently at minor wave b “1.2627”, this pair is yet to complete the corrective phase. From the chart above we can see that the market is currently forming a new trend, the market is forming lower lows and lower highs. I expect this pair to form a descending channel which is a bullish reversal pattern.
The price is likely going to drop minor wave “b”,1.2627 to 1.2503 minor wave c. You can place a sell order now with your take profit at 1.2503. Should the price break above 1.2631, this setup will be invalidated.
Origin: FreshForex
