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We're buyers for now | 27 September 2023

27 September 2023, GBP/USD

We're buyers for now

GBPUSD has completed the V major waves pattern, although the price has been moving impulsively to the downside. We expect the price to reverse to the upside in the form of a corrective 'ABC' pattern. We will wait for the price to form any reversal pattern at 1.2150. Once that happens, you can place a long position at 1.2203 with your profit target set at the resistance zone of 1.2419. Please note that this zone is our target for the minor wave 'a'. Lastly, keep in mind that this setup will be invalidated should the price break below the zone 1.2126.

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We're buyers for now

Bob Stan
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