GBPUSD is still in the process of completing the corrective phase, specifically the ABC corrective phase. The market is currently forming the minor corrective wave c, with our target set at 1.2550. We have identified a bullish flag pattern, represented by a descending channel from the minor wave “a” at 1.2480 to the end of the minor corrective wave “b” at 1.2416.
Given the presence of the bullish flag, our plan is to wait for the market to form a double-bottom pattern at 1.2416 before entering our buy orders.
Origin: FreshForex
