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We're buyers | 05 May 2023

05 May 2023, GBP/USD

We're buyers

GBPUSD is currently in a corrective phase, with the major corrective wave 'a' already formed. The chart indicates that the market has been consolidating for the last few hours, forming an expanding wedge pattern, which is a bullish continuation pattern. I expect the price to drop to the minor corrective wave 'b' at 1.2542, followed by an impulsive move to the upside. You can want to open a sell order, I would advise you can consider setting your take profit at (1.2542) and stop loss at (1.2578).

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We're buyers

Bob Stan
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