We're sellers for now | 19 Oktober 2023

19 Oktober 2023, GBP/USD

We're sellers for now

GBPUSD is still very bearish. The market remains within the bear flag, indicating a potential further drop, possibly down to the support zone at '1.2071'. The price is currently in a bearish impulsive phase, following the V-wave pattern, and it appears to be forming the major outer wave 'V' as shown on the chart. Our target for this move is within a major support zone at 1.1995. Please note that you can enter a short position below '1.2110' with a profit target ranging from '1.2059' to '1.1995'.

Trade Recommendations:

We're sellers for now

Bob Stan
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