Look for buy positions: | 29 May 2023

GBPUSD is currently in a corrective phase characterized by an ABC corrective pattern. The market has successfully completed the formation of the impulsive V wave pattern. Based on this analysis, I anticipate the price to decrease to the level of 1.2306, followed by the formation of a double bottom pattern. Subsequently, a bullish movement is expected, with a target price of at least 1.2492, representing our minor corrective wave (a). It is worth noting that this setup will only be invalidated if the price breaks below the level of 1.2306, which is considered highly unlikely. To take advantage of this opportunity, you can place buy limit orders at 1.2306 and a buy stop order at 1.2392. This way, your orders will be executed as soon as the price reaches the specified levels. For managing your trades, it is recommended to set your take profit level at 1.2488.

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