Mth-long Consolidation for Profits

Oct 29, 2023

• GBPUSD currently exhibits a Weaker Buy signal, accompanied by a 5-week long consolidation phase.
  

Trading Decision Dilemma:

• The month-long consolidation prompts a crucial decision: Will it be a buying or selling opportunity?
  

Buying Opportunity:

• For those inclined towards a buying stance, watch for the completion of the Bullish Butterfly Pattern at 1.1951 for a potential entry.
  

Aggressive Selling Approach:

• Traders seeking a more aggressive move may consider the Bearish Butterfly Pattern on the 1-hourly chart, providing an opportunity to short at 1.2180.
  

Now, the pivotal question arises: Bull or Bear? Which side aligns with your trading strategy? Share your thoughts below!