GBP/USD Analysis: Buy Opportunity Emerging
In the attached chart, we observe the GBP/USD pair forming a classic ABC corrective pattern. The price action has completed wave B, and the pair is now poised for a bullish reversal towards wave C. The price recently tested a significant support level around 1.2650, which aligns with previous resistance turned support, indicating strong buying interest at this level.
Key resistance levels to watch include 1.2820 and 1.2865, with a potential target for wave C around 1.3190, where the previous high is located. The risk-to-reward ratio for this setup is favorable, making this a good time to consider a buy position. Keep an eye on the market structure and price action for confirmation of the upward move.
Key resistance levels to watch include 1.2820 and 1.2865, with a potential target for wave C around 1.3190, where the previous high is located. The risk-to-reward ratio for this setup is favorable, making this a good time to consider a buy position. Keep an eye on the market structure and price action for confirmation of the upward move.
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