GBPUSD – Flat
GBPUSD has indeed displayed a bullish trend for a significant part of the previous day. The current market structure is characterized by an impulsive phase, specifically the V wave pattern. It is important to note that the entire structure constitutes a larger rising wave, extending from the major impulsive wave (I) to the current market position. However, it is worth mentioning that describing the rising wave as a bearish flag or pattern may not align with conventional technical analysis. Bearish flags are typically continuation patterns that occur within a downtrend, whereas rising waves are associated with bullish trends. At the moment, the price is situated at major wave (IV) near the level of 1.2564. The expectation is for the market to potentially form a double-top pattern in this zone and subsequently experience a downward movement toward the target of the major impulsive wave (V) at 1.2421.
Trade Recommendations:
We’re Waiting for a long term sell position
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