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GBP/USD. A small corrective rise before further decline.

GBP/USD. A small corrective rise before further decline. | 08 December 2023

08 December 2023, GBP/USD

The pound, managing to overcome pressure from the dollar, is attempting to rise. The upward movement may be inspired by the euro, which is currently preparing for growth, albeit corrective.
Regarding the considered pair, the potential for upward movement seems insignificant, and it might be better to skip this movement. It remains somewhat unclear what the market ultimately wants to do. The situation remains bearish, but selling should be considered on the update of the current local minimum, with a corrective rise expected in the near term.
Today's trading session is likely to clarify some aspects, so we are closely monitoring developments and waiting for market cues. For now, cautiously buying with modest targets seems reasonable.
Investment idea: Buy at 1.2590, stop loss at 1.2565, take profit at 1.2650.
Bob Stan
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