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We're short for a short time

We're short for a short time | 24 July 2023

24 July 2023, GBP/USD

GBPUSD is indeed displaying a strong bearish trend, and the market is currently experiencing an impulsive move to the downside. As our analysis indicates, the market is still in a corrective phase, specifically the ABC corrective pattern. At this moment, the market is forming the minor wave "a". For traders who already have an active sell trade, it is recommended to move the stop loss to breakeven to protect profits. Our initial target for this bearish move is at 1.2526. As for new potential sell trades, entering at this stage might be considered a risky entry. However, for traders willing to take the risk, a sell order can be placed now with a take profit set at 1.2551 and a stop loss at 1.2967.

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We're short for a short time

Bob Stan
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