GBPUSD has been bullish since the beginning of this week. The market is in a corrective phase ( ABC corrective pattern). Additionally, the market appears to be forming a new trend, as evidenced by the rising wedge pattern seen on the chart.
This pattern began from the minor corrective wave A at (1.1825) and is typically seen as a reversal pattern. We have already seen two touches on the upper trendline, and it is recommended to wait for a third touch before entering sell trades. If you currently hold a buy trade, it is advisable to close it at (1.2429).
Origin: FreshForex
