We're short for now | 06 July 2023

06 July 2023, GBP/USD

We're short for now

GBPUSD is currently undergoing a corrective phase, specifically the major wave 'IV', within its overall impulsive phase. The chart indicates that the market has been following a falling wedge pattern, which is expanding in nature, since major impulsive wave 'III' at 1.2825. Additionally, there is an ascending channel forming at 1.2715, which is a bearish reversal pattern. Based on this analysis, my expectation is for the market to form a double top around 1.2750 and subsequently decline towards our target of major wave 'IV' at 1.2552.

Trade Recommendations:

We're short for now

Bob Stan
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