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We're short for now

We're short for now | 22 August 2023

22 August 2023, GBP/USD

In the GBPUSD pair, our bearish sentiment remains strong as the market is nearing the completion of the major wave 'V'. Currently, the market is shaping the impulsive wave 'V'. Our expectation is for the price to decline, potentially reaching as low as 1.2480. It's important to note that this zone serves as our target for the major impulsive wave 'V'. If you currently hold sell trades, consider adjusting the stop loss to breakeven. If you're considering a short position, you can enter now with a target range of 1.2579 to 1.2480. However, it's crucial to be aware that the market is presently situated within a significant zone, particularly a resistance zone at 1.2764. If the market surpasses this zone, the validity of this setup will be compromised. Remember to implement proper risk management strategies to safeguard your trades.

Trade Recommendations:

We're short for now

Bob Stan
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