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We're sellers but we are waiting for a bullish correction

We're sellers but we are waiting for a bullish correction | 25 July 2023

25 July 2023, GBP/USD

We're sellers but we are waiting for a bullish correction

GBPUSD is currently in a corrective phase, specifically the ABC corrective pattern. The price is currently at minor wave "a," 1.2814. Furthermore, if you check the lower timeframe, specifically the 1-hour timeframe, you will notice that the market has formed a falling wedge, which is a bullish reversal pattern. We expect the market to form a double bottom at 1.2814, and this will serve as confirmation for us to initiate a buy trade, with the target price set at 1.2946. Please note that this setup will be invalidated if the market breaks below 1.2774.

Trade Recommendations:

We're sellers but we are waiting for a bullish correction

Bob Stan
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