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W-shaped pattern

W-shaped pattern | 26 July 2023

26 July 2023, GBP/USD

W-shaped pattern

GBPUSD trading plan:

U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy's prospects in the near term. But the economy is not out of the woods, with the survey from the Conference Board offering mixed signals. Consumers remain fearful of a recession over the next year following hefty interest rate hikes from the Federal Reserve. While more consumers planned to buy a motor vehicle or house in the next six months, fewer anticipated purchasing major household appliances like refrigerators and washing machines.

Investment idea: sell 1.2920 and take profit 1.2855.

David Johnson
Analyst of «FreshForex» company
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