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GBP/USD analysis, trading idea, and chart

08.11.2022

Market Review

An entry point "on a pullback B" is formed. The Awesome Oscillator indicator shows bearish divergence, and the Stochastic Oscillator indicator signals overbought. The USD index has tested the support level of 109.95.

Trading idea:

Sell on the formation of a descending wave structure, where wave (A) breaks the inclined channel of an ascending structure.

Stop Loss: 1.1565.

Target levels: 1.1300; 1.1155.

Author: GC
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