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We're buyers for now

We're buyers for now | 25 May 2023

25 May 2023, GBP/USD

We're buyers for now

GBPUSD has completed the formation of the outer impulsive V wave pattern. The price is currently in a corrective phase following an ABC corrective pattern. At present, the price is situated at the major impulsive wave "V" level of 1.2355. My expectation is for the price to form a double bottom, which is a bullish reversal pattern, and subsequently rise towards our minor wave (a) target at 1.2497. We will wait for the market to confirm the formation of the double bottom before entering a buy trade. It's important to note that if the price breaks below 1.2355, this setup will no longer be valid.

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We're buyers for now

Bob Stan
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