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We're short for now

We're short for now | 30 August 2023

30 August 2023, GBP/USD

We're short for now

GBPUSD is still bearish. The price is dropping nicely, and we can see from the chart above that the markets have formed a clear bearish trend. The price is currently at a resistance zone of 1.2654. The market is currently forming the impulsive wave 'V'. We expect the price to drop down to "1.2470". Remember that this zone is our target for the major impulsive wave 'V'. You can consider placing a short position now with your target at 1.2499-1.2470. Note that if the price breaks above the resistance zone of "1.2654", this setup will be invalidated.

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We're short for now

Bob Stan
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