GBPUSD is currently very bearish. The price seems to be forming a reversal pattern (a falling wedge). The price is in the impulsive phase known as the V-wave pattern, and from the chart above, we can see that the price is forming the impulsive major outer wave ‘V.’ Our target for this move is within a major support zone at 1.1995. Lastly, it is important to note that the price is almost reaching our target, so placing a short position now carries a high level of risk. If you are holding a short position, consider moving the stop loss to breakeven.
Trade Recommendations:
We’re short for now
Origin: FreshForex
