20 June 2023, GBP/USD
GBPUSD is presently undergoing a retest of a previous resistance zone, which has now transformed into a support zone at 1.2687. This indicates that the pair is still in an impulsive phase. The expectation is for the price to decline within the framework of a falling wedge pattern, which is typically considered a bullish pattern. The target for this move is set at 1.2687, which aligns with the support zone. If you are considering engaging in scalping trades on lower timeframes such as 1-hour or 30-minute charts, it is important to closely monitor the price action and identify potential entry and exit points within the falling wedge pattern. Additionally, if you already have an active buy trade, it is advisable to adjust your stop loss to breakeven to protect your profits and minimize potential losses.
Trade Recommendations:
We're long
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