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We're long for now

We're long for now | 07 August 2023

07 August 2023, GBP/USD

We're long for now

GBPUSD is currently in an uptrend, which implies that focusing solely on long positions is advisable. The market is presently situated within a significant zone of support, corresponding to our major impulsive wave 'IV'. We anticipate the market to ascend from this major wave 'IV', reaching up to 1.3781. This level represents the anticipated endpoint for the major impulsive wave 'V'. To potentially take advantage of this upward movement, you may consider initiating a buy order now, setting your take profit at 1.3781, and establishing a stop loss at 1.2466. It's crucial to be mindful of a robust resistance zone at 1.2794; if the market fails to breach this level, the validity of this setup would be compromised.

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We're long for now

Bob Stan
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