GBPUSD is currently exhibiting strong bearish momentum, as evident from the chart above. The market remains within an impulsive phase, with the formation of impulsive wave ‘V’ currently underway. We anticipate the price to decline, possibly reaching the level of “1.2480.” It’s important to note that this zone serves as our target for the significant impulsive wave ‘V.’
Additionally, be aware that if the price were to break above the resistance zone ‘1.2818’ in a decisive manner, this setup would be invalidated. If you’re considering a short position, you may consider entering now with a target range of (1.2579-1.2480). Please ensure that you implement proper risk management strategies.
Origin: FreshForex
