We're buyers for now | 07 Juni 2023

07 Juni 2023, GBP/USD

We're buyers for now

GBPUSD remains in a corrective phase characterized by the ABC corrective pattern. The market has already formed the corrective minor wave "b" and "a". Our expectation is for the market to rise towards our target for minor wave "c" at 1.2677. However, it's worth noting that the market is currently exhibiting a pattern resembling a rising wedge, with two touches on the upper trendline. It is important to monitor the price action closely to determine whether the market breaks above the upper trendline or forms a double top. If the price fails to break above the upper trendline and instead forms a double top, this setup will be invalidated. Therefore, it is prudent to wait for confirmation that the pattern is indeed a rising wedge before considering buy trades.

Trade Recommendations:

We're buyers for now

Bob Stan
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