We're short for now | 23 Oktober 2023

23 Oktober 2023, GBP/USD

We're short for now

GBPUSD is currently in an impulsive phase. The market remains within the bear flag pattern, indicating that this pair is likely to continue its decline, potentially reaching the support zone at 1.2071. The price is following the bearish impulsive pattern, specifically the V-wave pattern. From the chart above, it's evident that the price is forming the major outer wave 'V.' Our target for this move is set within a major support zone at 1.1995. You can consider placing a short position below 1.2110, with your profit target ranging from 1.2059 to 1.1995.

Trade Recommendations:

We're short for now

Bob Stan
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