27 January 2023, GBP/USD
Wave Analysis
GBPUSD is still forming the 5 major impulsive waves. The market has been correcting from major wave III,1.24336, in form of an expanding wedge. If the market forms an expanding wedge on an uptrend that normally signals a trend continuation. So now we expect the uptrend to continue. I expect the market to push a bit higher up to around 1.24612 for the third touch on the upper trendline of the expanding wedge before selling up to around 1.23427 where I expect the market o form a double top. Should the market break above the upper trendline of the expanding wedge the setup will be invalidated and we will be now looking for buying opportunities.
Trade Recommendations:
We're short
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