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We're sellers | 07 February 2023

07 February 2023, GBP/USD

We're sellers

GBPUSD has been on a strong uptrend since last week, but now it seems the trend is changing. The market has been moving within an ascending channel from the begging of major wave 1, (1.0371) to major wave 5,(1.2440). The market has broken below the lower trendline of this ascending channel at (1.2196) impulsively. The market is currently at minor corrective wave a,(1.1993). So what we expect now is for the market to pull back up to around (1.2289) and then drop impulsively. If you have any open sell orders I would advise you to hold and place your take profit at 1.1600.

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We're sellers

Bob Stan
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