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We're buyers for now

We're buyers for now | 07 April 2023

07 April 2023, GBP/USD

GBPUSD has been bullish since the beginning of this week. The market is currently in a corrective phase, following an ABC corrective pattern. As we can see on the chart above, the market has formed a continuation pattern known as an expanding channel, from minor corrective wave "A" at 1.2423 to minor corrective wave "B" at 1.1820. I anticipate a slight drop in price up to 1.2263, followed by the formation of a bullish reversal pattern, such as a double bottom. At that point, you can consider opening a buy trade up to 1.3640. However, please note that opening a sell trade now is a risky entry. If you choose to do so, your take profit should be at 1.2263, and your stop loss should be at 1.2506.

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We're buyers for now

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