Zig Zag for Range Bound GBPUSD

My view is that the GBPUSD will continue to be range bound. The ZigZag pattern shows that the movement upwards is done and now the downwards movement will continue. Hence, I also don't buy the past few candles that suggest further upwards movements for GBPUSD.

Trade stängt manuellt:

I was definitely wrong on my view of gbpusd weakness - which as also supported by bearish report from the IMF on a shrinking UK economy and inflation. In any case, I took the loss and closed off the 2x short GBPUSD position - losing just below 1% of my account.