GBPUSD is currently experiencing a bearish impulsive phase, with the price nearing a resistance zone at 1.2263. Our expectation is for the price to face rejection at this zone, followed by a subsequent downward impulsive movement targeting the support zone at 1.1995. This level represents our target for the outer major impulsive wave ‘V.’ For a potential short position, you might consider entry below 1.2152, setting a target at 1.1995. It’s important to note that this setup would become invalid if the price breaks and closes above the resistance zone of 1.2263.
Trade Recommendations:
We’re short for now
Origin: FreshForex
