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We're short

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

Bob Stan
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