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We're long

We're long | 26 June 2023

26 June 2023, GBP/USD

We're long

GBPUSD is currently exhibiting strong bullish sentiment. The market is in a corrective phase characterized by an ABC corrective pattern. As observed from the provided chart, a falling wedge pattern has formed, expanding in nature, extending from the start of the major impulsive wave 'I' at 1.2845 to the major impulsive wave "V" at 1.2690. This falling wedge pattern is typically considered a bullish reversal pattern. Furthermore, a double bottom formation has occurred at the price level of 1.2690, providing additional confirmation of the bullish outlook. Given these factors, it is suggested to consider placing a Buy order at the current market price with a take profit target set at 1.2748.

Trade Recommendations:

We're long

Bob Stan
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