We're short | 18 July 2023

GBPUSD has successfully completed the formation of the impulsive major wave pattern. The market has transitioned into a corrective phase, following the ABC corrective pattern. Presently, the price is situated at major impulsive wave "V" at 1.3142. Anticipating a bearish reversal, our analysis suggests the formation of a double top pattern at this zone, which would signify a potential downward movement in the form of an ABC corrective pattern. Therefore, we will patiently await the confirmation of the double top formation before entering a sell order. Our take profit target is set at 1.2590, while the stop loss is placed at 1.3174.

Trade Recommendations:

We're short