We're looking for low risk sell positions towards the lower trendline. | 16 November 2023

GBPUSD is currently exhibiting a strong bearish trend, with the pair in an impulsive phase as it forms the outer major impulsive wave 'V.' The price has reached the resistance zone of 1.2500, coinciding with the zone for the major outer wave 'IV.' Currently, the price is declining from the completion of major outer wave 'v,' and we anticipate it to continue dropping toward the support zone of 1.1819. This serves as our target for the major outer wave 'V.' You may consider placing a short position at 1.2391, with your profit target set at 1.1819.

Trade Recommendations:

We're looking for low risk sell positions towards the lower trendline.