Relative to other instruments in the forex asset class, gbp/usd ranked 35th yesterday in terms of percentage price change.
After that we should see a wave 4 correction before the final push to the upside….
This imputes a buy/sell ratio of 0.86, which is neutral.
This imputes a buy/sell ratio of 0.1, which is quite bearish.
Out of the 40 instruments in the forex asset class, gbp/usd ended up ranking 6th for the day in terms of day-over-day price change.
We are at the very bottom of a massive consolidation area and sitting just above the top of the flag from previous trading, thereby sending the market to bounce a bit….