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Wait | 02 February 2023

02 February 2023, GBP/USD

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GBPUSD has been consolidating for the last few days, and the market is yet to hit the major wave IV. The market is currently, moving impulsively to the upside. There is a major zone at,1.24342. I expect it to reach 1.24342 where I expect it to form a double top before dropping. We will mark this level (1.24342) as our major wave IV. Should the price break above this zone,1.24342, and retests the setup will be invalidated. Lastly, the market is likely to retrace from 1,23712 up to around 1.23462, this is because of the major zone at 1.23731.

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Bob Stan
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