We're short | 18 Julio 2023

18 Julio 2023, GBP/USD

We're short

GBPUSD has successfully completed the formation of the impulsive major wave pattern. The market has transitioned into a corrective phase, following the ABC corrective pattern. Presently, the price is situated at major impulsive wave "V" at 1.3142. Anticipating a bearish reversal, our analysis suggests the formation of a double top pattern at this zone, which would signify a potential downward movement in the form of an ABC corrective pattern. Therefore, we will patiently await the confirmation of the double top formation before entering a sell order. Our take profit target is set at 1.2590, while the stop loss is placed at 1.3174.

Trade Recommendations:

We're short

Bob Stan
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