We're short for now | 06 Julio 2023
06 Julio 2023, GBP/USD
GBPUSD is currently undergoing a corrective phase, specifically the major wave 'IV', within its overall impulsive phase. The chart indicates that the market has been following a falling wedge pattern, which is expanding in nature, since major impulsive wave 'III' at 1.2825. Additionally, there is an ascending channel forming at 1.2715, which is a bearish reversal pattern. Based on this analysis, my expectation is for the market to form a double top around 1.2750 and subsequently decline towards our target of major wave 'IV' at 1.2552.
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.
