We're short | 16 May 2023
16 May 2023, GBP/USD
GBPUSD is currently in an impulsive phase. As observed from the chart above, the market has been consistently following a descending channel pattern since the beginning of the major impulsive wave (I) at 1.2678. Presently, the market is at a major wave (V) at 1.2535, which also acts as a resistance zone. We anticipate the market to form a bearish reversal pattern, most likely a double top at 1.2535, followed by a drop to at least 1.2396, thus completing the impulsive phase. It is important to note that if the market breaks above 1.2535, this setup will be invalidated.
Trade Recommendations:
We're short
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.
