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06.12.2023 02:03 PM
GBP/USD: Bears actively began to build a zigzag

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Most likely, the current wave [W], which is part of the current wave Z, has already been constructed. It has the shape of a double zigzag (W)-(X)-(Y). In the last section of the chart, we observe a decline, which may indicate the beginning of a corrective wave [X].

The connecting wave [X] will most likely take the form of a standard zigzag (A)-(B)-(C). The approximate structure of a potential zigzag is shown in the chart. There is a high probability that the entire wave [X] will be 50% of the current wave [W].

It is worth paying attention to important economic events in the United States. Today, investors are waiting for reports on non-farm payrolls and a second major report on crude oil.

Thus, you might consider opening a small short position in order to profit from a corrective move.

Trading recommendations: Sell 1.2601, Take profit 1.2464

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