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We're waiting for a rebound from the upper trendline to pick a sell position.

We're waiting for a rebound from the upper trendline to pick a sell position. | 06 March 2023

06 March 2023, GBP/USD

We're waiting for a rebound from the upper trendline to pick a sell position.

Wave Analysis:

GBPUSD has been on a downtrend since last week, and the trend is likely to continue for the better part of this week. Again, the market is in a corrective phase (ABC corrective pattern). At a resistance zone,1.1922, the market has formed a triple-double bottom, and the market is currently moving impulsively to the upside. I expect this pair to buy at least up to 1.2088, form a double top at this zone then drop at least up to 1.1889. You can open buy orders now (late entry) with your profit target at 1.2088.

Trade Recommendations:

We're waiting for a rebound from the upper trendline to pick a sell position.

Bob Stan
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