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We're short towards 1.16

We're short towards 1.16 | 17 January 2023

17 January 2023, GBP/USD

We're short towards 1.16

Wave Analysis

GBPUSD is currently forming a minor corrective 3 waves pattern. The market moved impulsively from major wave V, 1.24460, to point 1.18345 which we have marked as minor corrective wave a, followed by a correction to the upside up to minor corrective wave b,1.22895. We can clearly see that the market moved in form of an ascending channel from 1.22090 to 1.22895, this increases the probability of this pair selling. I expect the price to sell from minor wave b,1.22895, to 1.16625 which is likely to be our minor wave c.

Trade Recommendations:

We're short towards 1.16

Bob Stan
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