We're long | 26 May 2023
26 May 2023, GBP/USD
GBPUSD has completed the formation of the major (outer) impulsive V wave pattern. The current price is still at the level of the major impulsive wave V, specifically at 1.2306. With the impulsive phase concluded, we now anticipate the market to enter a bullish corrective phase, considering that the impulsive phase was bearish. Notably, the price has formed a falling wedge pattern between 1.2413 and 1.2306, indicating a bullish reversal pattern. Our expectation is for the price to form a double bottom and subsequently rise towards our target of the minor wave "a" at 1.2492.
Trade Recommendations:
We're long
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.
