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We're short for now

We're short for now | 12 June 2023

12 June 2023, GBP/USD

We're short for now

GBPUSD has exhibited a bullish trend for the majority of the previous week. The pair is currently in an impulsive phase (V-wave pattern), and the chart indicates that it is at the level of major wave "IV" at (1.2589). The expectation is for the price to form a bearish reversal pattern, potentially a double top, at this level. Following the formation of the bearish reversal pattern, the projection is for the price to drop impulsively towards the target of the major impulsive wave "V" at (1.2421).

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We're short for now

Bob Stan
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