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We're long temporarily

We're long temporarily | 09 August 2023

09 August 2023, GBP/USD

We're long temporarily

GBPUSD maintains its bullish stance, albeit without a significant upward movement as initially anticipated. Our strategy remains patient as we await developments. It's essential to remember that the market is still entrenched within an impulsive phase. At present, the market is in the process of forming the impulsive major outer wave 'V', with a targeted objective set at 1.3598. Our projection involves an ascent, commencing with the initial target aligned with the immediate next resistance zone at 1.3132, culminating at 1.3598. For those considering trading, a long position can be initiated at this juncture, aiming for the range of 1.3132 to 1.3598. To manage potential risks, it is advisable to establish a stop loss at 1.2570..

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We're long temporarily

Bob Stan
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