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GBP/USD: The evolving situation remains somewhat unclear for trading.

GBP/USD: The evolving situation remains somewhat unclear for trading. | 11 December 2023

11 December 2023, GBP/USD

GBP/USD: The evolving situation remains somewhat unclear for trading.

On the hourly chart of the GBP/USD pair, there is a presumed formation of a descending impulse, where wave [iii] is currently extending. Further decline in the pair is needed to complete this impulsive structure, but there is a high probability of a rebound in EUR/USD. The pound is unlikely to stay on the sidelines. It's entirely possible that the price has already formed the impulse, and during the day, we might witness the beginning of a corrective rise.
However, it's not advisable to rush into buying. It is recommended to stay out of the market for the considered pair and observe the situation from the sidelines. Today or tomorrow, everything may become clearer, and trading opportunities will then emerge.
Investment idea: Flat.
Bob Stan
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