GBP USD : The beginning of a corrective downward wave
Updated
The pound's pairs consumed the positive news at the beginning of the week about an agreement between Britain and the European Union on Brexit. The pound dollar pair continued to rise and reached a resistance area , where the bullish wave really seemed to be confined, as the pair failed to close above the ascending channel , and the corrective descending wave appeared, and the pair formed a right triangle that was able to break it lower side.
The reason for this decline is due to the fading hopes that prevailed this week for the signing of the draft Brexit Agreement.
Technically, if the pair is able to stabilize below 1.3310, it is a good opportunity to sell by targeting the lower side of the ascending channel and the uptrend within the price range of 1.3071.
The reason for this decline is due to the fading hopes that prevailed this week for the signing of the draft Brexit Agreement.
Technically, if the pair is able to stabilize below 1.3310, it is a good opportunity to sell by targeting the lower side of the ascending channel and the uptrend within the price range of 1.3071.
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