We're buyers for now | 10 July 2023

10 July 2023, GBP/USD

GBPUSD is currently displaying an impulsive phase, with the market forming the impulsive major wave 'V' that we have targeted at 1.2984. The current market price is approaching a resistance zone at 1.2847. We will closely monitor the price action for a break above this zone, followed by a retest, before considering entering buy orders. It is important to note that if the market fails to break above the resistance zone and instead forms a double top pattern, this setup will be invalidated, and alternative strategies may need to be considered.

Trade Recommendations:

We're buyers for now

Bob Stan
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