GBPUSD is currently in a strong downtrend. The market has just formed a bearish flag, indicating that this pair is likely to continue dropping, at least down to the support zone at 1.2071. The price is currently in the bearish impulsive phase known as the V-wave pattern, and as evident from the chart above, the price is forming the impulsive major outer wave ‘V.’ Our target for this move is within a major support zone at 1.1995. You can place a short position at 1.2114, with your profit target set at 1.2059-1.1995.
Trade Recommendations:
We’re short for now
Origin: FreshForex
