GBPUSD is currently in a corrective phase following the ABC corrective pattern. Additionally, the pair has established an ascending channel from the major impulsive wave (I) at 1.2197 to its current position, which is indicative of a bearish reversal pattern.
To initiate a sell trade, it is crucial to wait for confirmation. This entails waiting for the price to break below the lower trendline of the ascending channel before placing sell orders or looking for bearish patterns such as a double top or a head and shoulder pattern to form
Origin: FreshForex
