GBPUSD Strongest sell signal since March

Aug 23

The GBPUSD pair gave us an excellent sell entry exactly 1 month ago (July 23, see chart below) and easily hit our 1.2790 Target:

Yesterday it reached the top of its 10-month Channel Up and technically that is the new Higher High and the strongest sell signal since March 08. That Higher High rejection initiated a Bearish Leg that bottomed just below the 0.618 Fibonacci retracement level from the previous Low.

As a result, we expect a new medium-term correction (Bearish Leg) to extend to 1.26000 (just below the new 0.618 Fib).

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