GBPUSD is currently dropping. The market is in a corrective phase, specifically the ABC corrective pattern. The price is currently forming impulsive wave B. I anticipate the price to establish a bullish continuation pattern, such as a double top or an inverse head and shoulders pattern, at the level of minor corrective wave B, which is at 1.2424. Following this pattern formation,
I expect the price to rise toward 1.2530. Our strategy is to wait for the market to complete the formation of the minor corrective wave B and provide us with a bullish confirmation signal before entering a buy trade. Until then, we will refrain from placing any trades.
Origin: FreshForex
