We're sellers for now | 10 Agosto 2023

GBPUSD is presently exhibiting a pronounced bearish sentiment, a trend substantiated by the chart's upward trendline depiction. The market is actively engaged in an impulsive phase, with the ongoing formation of the impulsive wave 'V'. Our analysis indicates an anticipated descent towards the 1.2480 level—a pivotal target aligning with the major impulsive wave 'V'. It is important to underscore that the validity of this scenario is contingent upon the price avoiding a breach above the resistance zone at 1.2780. Those considering a sell position are encouraged to initiate their orders now, targeting the range of 1.2579 to 1.2480.

Trade Recommendations:

We're sellers for now