We're sellers for now | 12 May 2023
12 May 2023, GBP/USD
GBPUSD is currently exhibiting strong bearishness due to the market forming lower lows and lower highs. Additionally, this pair is in a corrective phase, characterized by both impulse and corrective patterns in its price movements. Presently, the market sits at 1.2507. I anticipate the market to develop a bearish continuation pattern, most likely a double top formation, followed by a drop to at least 1.2443. You have the option to place sell orders now (risk entry) or wait for the market to form the double top pattern before entering a sell order.
Trade Recommendations:
We're sellers for now
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
