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We're on the sidelines waiting for a correction.

We're on the sidelines waiting for a correction. | 07 September 2023

07 September 2023, GBP/USD

We're on the sidelines waiting for a correction.

GBPUSD has completed the bearish impulsive phase, as evident from the chart where the price currently stands at a major impulse outer wave "V" at 1.2499. We anticipate the price to increase in the form of a corrective minor three-wave pattern (ABC pattern). You have the option to open a long position at 1.2520, with your target set between 1.2667 and 1.2694. Please note that the current price is within the support zone. If the price were to break below this zone in an impulsive manner and close below it, this setup would become invalidated.

Trade Recommendations:

We're on the sidelines waiting for a correction.

Bob Stan
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