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Remain short for now

Remain short for now | 01 September 2023

01 September 2023, GBP/USD

Remain short for now

GBPUSD, our bearish sentiment remains intact as the price continues to decline, aligning with our earlier prediction in the analysis dated 8/31/2023. Notably, the price encountered significant resistance at 1.2746, reinforcing the strength of the sellers. The market is currently in the process of forming impulsive wave 'V'. Our anticipation is for the price to decrease, possibly reaching as low as "1.2470". It's crucial to remember that this range represents our target for the major impulsive wave 'V'. If you are considering trading, you might contemplate initiating a short position at 1.2649, while keeping the target range at 1.2499 to 1.2470.

Trade Recommendations:

Remain short for now

Bob Stan
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