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We're short temporarily

We're short temporarily | 07 July 2023

07 July 2023, GBP/USD

We're short temporarily

GBPUSD is currently in an impulsive phase, with the market in the process of forming the corrective major wave 'IV'. Upon analyzing the chart, we can observe that the market has been following an expanding falling wedge pattern since the completion of the major impulsive wave 'III' at 1.2825. Additionally, a bearish reversal pattern in the form of an ascending channel has been forming within this wedge, providing further confirmation of a potential downward movement. We have already received confirmation through three touches and a pinbar, solidifying our belief that this pair is indeed dropping. Consequently, our expectation is for the market to drop towards our target at major wave 'IV', set at 1.2552.

Trade Recommendations:

We're short temporarily

Bob Stan
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