We're sellers for now | 20 Octubre 2023

GBPUSD is still in a bearish trend. This pair is currently in an impulsive phase. The market remains within a bearish flag pattern, indicating the potential for further downward movement, possibly down to the support zone at 1.2071. The price is following a bearish impulsive phase referred to as the V-wave pattern. As shown in the chart above, the price is forming the impulsive major outer wave 'V.' Our target for this movement is within a major support zone at 1.1995. It's important to note that you can consider opening a short position below 1.2110, with a profit target range of 1.2059 to 1.1995.

Trade Recommendations:

We're sellers for now