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We're buyers for now. | 24 May 2023

24 May 2023, GBP/USD

We're buyers for now.

GBPUSD has completed the formation of the impulsive (v) wave pattern and is currently in a corrective phase. Upon observing the chart, it is evident that the price has encountered resistance at a significant zone. By examining the lower timeframe (15 minutes), you can observe a double top formation at this zone, indicating a potential downward movement for this pair. I anticipate a drop in price towards our major outer impulsive wave "V" level at 1.2372, followed by a buying opportunity towards our minor wave a zone at 1.2497. To confirm the buying opportunity, we will wait for the market to form a double bottom at 1.2372 before entering buy trades.

Trade Recommendations:

We're buyers for now.

Bob Stan
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