We're short for now | 22 May 2023
22 May 2023, GBP/USD
GBPUSD is currently dropping. The market is in a corrective phase, specifically the ABC corrective pattern. The price is currently forming impulsive wave B. I anticipate the price to establish a bullish continuation pattern, such as a double top or an inverse head and shoulders pattern, at the level of minor corrective wave B, which is at 1.2424. Following this pattern formation, I expect the price to rise toward 1.2530. Our strategy is to wait for the market to complete the formation of the minor corrective wave B and provide us with a bullish confirmation signal before entering a buy trade. Until then, we will refrain from placing any trades.
Trade Recommendations:
We're short 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.
