Taking a close look at the GBPUSD chart, I’ve noticed an interesting Elliott Wave pattern that may indicate a forthcoming downturn. We've just observed a completion of Wave (3), which shows a strong upward momentum. Currently, we're seeing the beginning of Wave (4), which hints at a corrective phase.
The initial target for this correction based on Fibonacci retracement is at 0.382 level (1.25373). Given this setup, a short position could be advantageous, capitalizing on the expected retracement. It's essential to place a stop-loss above the peak of Wave (3) to manage the risk effectively.
Considering the market's current volatility and the wave structure, this could be a prime opportunity to profit from the anticipated pullback in GBPUSD.
Stay alert and trade safely as we navigate through these waves together!
The initial target for this correction based on Fibonacci retracement is at 0.382 level (1.25373). Given this setup, a short position could be advantageous, capitalizing on the expected retracement. It's essential to place a stop-loss above the peak of Wave (3) to manage the risk effectively.
Considering the market's current volatility and the wave structure, this could be a prime opportunity to profit from the anticipated pullback in GBPUSD.
Stay alert and trade safely as we navigate through these waves together!
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