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23.01.202413:42 Forex Analysis & Reviews: GBP/USD wave analysis on January 23: Quotes may reach higher levels

Exchange Rates 23.01.2024 analysis

From a wave analysis point of view, an active wave [Y] is forming on the GBP/USD currency pair, which may complete a larger active wave Z. Wave [Y] consists of three parts—sub-waves (A)-(B)-(C). As of writing, the first impulse wave (A) appears to be fully completed, consisting of five sub-waves 1-2-3-4-5.

Following the completion of the impulsive growth, the market began to move horizontally within the correction (B). This correction has the structure of a triple three. In the last segment of the chart, we can observe a rise in the second wave of the X sequence.

The price increase in this wave may rise to the previous high, where the correction [B], part of the active wave Y, was completed. After reaching the level of 1.2787, market participants may expect a fall in the final active wave Z, as shown on the chart.

In the current situation, it is recommended to consider opening long positions.

Trading recommendations: Buy at 1.2731, take profit at 1.2787.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Roman Onegin,
Analytical expert of InstaSpot
© 2007-2024
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