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Waiting for buy positions

Waiting for buy positions | 04 August 2023

04 August 2023, GBP/USD

Waiting for buy positions

GBPUSD is currently exhibiting a bullish trend. The market is presently situated within a significant zone of support. This zone aligns with our major impulsive wave 'IV'. Anticipating a rise from this major wave 'IV', we project the market to ascend up to 1.3781, which represents the furthest point we expect the major impulsive wave 'V' to reach. To potentially capitalize on this bullish movement, you may consider placing a buy order now, setting your take profit at 1.3781, and a stop loss at 1.2466. It's important to note that the current market position is at a support level, and should the market break downward through it, this setup will be invalidated.

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Waiting for buy positions

Bob Stan
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