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We're sellers for now | 29 August 2023

29 August 2023, GBP/USD

We maintain a strong bearish outlook on GBPUSD as the price continues to decline steadily. The chart clearly illustrates the formation of a distinct bear flag, confirming the prevailing bearish sentiment in the market. The major wave 'V' is nearing completion, with the current formation focused on the impulsive wave 'V'. Our projection is for the price to decline, potentially reaching the zone around '1.2480', which serves as our target for the major impulsive wave 'V'. Consider initiating a short position, although it comes with inherent risks, and set your target 1.2480.

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We're sellers for now

Bob Stan
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