23 June 2023, GBP/USD
GBPUSD is currently in a corrective phase, following the ABC corrective pattern. Despite this correction, the overall sentiment remains bullish, at least in the short term, with a target of the minor corrective wave "b" at 1.2841. The market has formed a falling wedge pattern, which is a bullish reversal pattern, extending from major impulsive wave "V" at 1.2846 to minor corrective wave "a" at 1.2690. Given the current price action within the falling wedge, it is anticipated that the market will continue to rise toward the target of 1.2841, potentially forming a reversal pattern, such as a double top, along the way. Following the completion of the reversal pattern, a downward move towards the minor corrective wave "c" at 1.2633 is expected.
Trade Recommendations:
We're long for now
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