GBPUSD is currently in a strong downtrend. Although for the better part of yesterday, on 10/16/2023, we saw some bullish candles, the trend remains bearish. The price is in the bearish impulsive phase known as the V-wave pattern, and from the chart above, we can see that the price is forming the impulsive major outer wave ‘V.’ Our target for this move is within a major support zone at 1.1995. Lastly, it is important to note that you can place a short position now with your profit target at 1.2059-1.1995.
Trade Recommedations:
We’re short for now
Origin: FreshForex
