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We're long for now

We're long for now | 05 July 2023

05 July 2023, GBP/USD

We're long for now

GBPUSD is presently in the process of forming the impulsive major wave "V". The market has exhibited the formation of an expanding wedge pattern, typically signaling a bullish continuation. To enter a buy trade, we will patiently wait for the market to establish a potential double-bottom formation, which may occur around the level of 1.2682. It is important to exercise caution and refrain from taking any positions until this pattern materializes. Additionally, it is crucial to note that if the market were to break below 1.2682 with strong downward momentum, it would invalidate this setup, requiring a reassessment of the market conditions.

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We're long for now

Bob Stan
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