We're short for now | 02 November 2023
02 November 2023, GBP/USD
GBPUSD is currently within a bearish impulsive phase. There hasn't been any significant downward impulsive movement in the price, nor has it breached and closed above the resistance zone at 1.2185. Additionally, the price has formed an ascending channel, signaling the conclusion of the short uptrend. We anticipate a significant downward movement from the resistance zone, targeting the support zone at 1.1995, which represents our goal for the outer major impulsive wave 'V.'. To capitalize on this, consider establishing a short position below 1.2152, with a target set at 1.1995. However, this scenario will no longer be valid if the price breaks and closes above the resistance zone of 1.2185
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.
