GBPUSD is currently very bearish, as depicted on the chart above. The market is still in an impulsive phase, and it’s currently in the process of forming the impulsive wave ‘V’. Our expectation is for the price to drop down to “1.2480”. It’s important to note that this zone serves as our target for the major impulsive wave ‘V’.
Furthermore, it’s crucial to mention that if the price were to break above the resistance zone ‘1.2818’ in an impulsive manner, this setup would be invalidated. For now, you can consider placing a short position with a target range of (1.2579-1.2480).
Trade Recommendations:
We’re short for now
Origin: FreshForex
