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GBP/USD. The price remains within the forming correction.

GBP/USD. The price remains within the forming correction. | 12 January 2024

12 January 2024, GBP/USD

GBP/USD. The price remains within the forming correction.

During the past trading day, the price predictably started to decline. However, the targets in the area of the local minimum were not reached, and buyers almost immediately returned the pound's value relative to the dollar to the initial point.
Currently, the initiative has shifted to the buyers, and the current local maximum is not far away. It is possible that it will act as a resistance level, and the price may eventually move down from it. Today's trading day may clarify this. In any case, there seems to be a lack of a strong bearish wave, but the market may have its own opinion on this matter.
The situation remains unclear for now, so it is recommended to close previously opened sell positions and dedicate the current day to observing the unfolding situation.
Investment idea: flat.
Bob Stan
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