GBP/USD Trading Analysis (05/07/2024)

The bears are testing the lower border of the upward price channel at the USD Index. The ascending wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the overbought state.

Trading idea:

• Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure.
• Stop-Loss at 1.2777.
• Target price levels at 1.2720 and 1.2623.

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