GBPUSD has been demonstrating bullish momentum since the beginning of this week. This pair is currently in a corrective phase, following an ABC corrective pattern. As can be seen on the chart above, the market has formed a bullish continuation pattern, an expanding wedge, starting from minor corrective wave “a” at 1.2445 to where the market is currently at 1.2394. Furthermore, within this expanding wedge, the market has formed a descending channel, which is a bullish reversal pattern, indicating that the bulls are in control. You may consider placing buy orders now, with your take profit set at 1.3640.
Origin: FreshForex
