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Wait | 09 January 2023

09 January 2023, GBP/USD

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Wave Analysis

GBPUSD is on an uptrend, it's forming an impulsive wave pattern. the market is at wave III, 1.20955, I expect a correction from major wave III, 1.20955 to wave IV,1.20226 either in form of a descending channel or any corrective pattern to form. To enter a buy trade we will wait for a break above major wave III, 120.955, from major wave IV 1.20226, Placing our take profit at 1.21909 and stop loss at 1.20721. Lastly, this setup will be invalidated if the price moves below the major wave I,1.19275.

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Bob Stan
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