FX.co ★ bridget.franecki | TST as the Foundation for Medium-term Trading

In general, GBP/USD is showing decent performance and technically suggests another corrective wave. Looking at the levels, it's evident that this wave could extend to 1.3690. We can also see a strong bounce off the lower channel boundary, indicating a reversal that occurred not today, but on Friday. It is crucial for this reversal to lead to a downward correction from 1.3860 or the point where the descent began, rather than a continuation of the uptrend. At the moment, this blue scenario appears quite promising and logical, while the red one seems more like an alternative. If we follow the red scenario, I don't see any further movement for now; we will have to see where we stop.