Pound set to go lower

19 באוק׳ 2022

GBPUSD has broken below the 1.12915 level which was previously acting as support and has now turned into support. Add this with the fact that price has broken out of its trendline and is making lower lows and highs, this has given us enough confirmation to take a selling position. We are currently in our third intermediate wave of the 5th primary waves so price should reach our take profit level has the 5th wave mostly always crosses below the 5th wave unless it truncates.