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GBP/USD. Possible start of an impulsive decline.

GBP/USD. Possible start of an impulsive decline. | 15 January 2024

15 January 2024, GBP/USD

GBP/USD. Possible start of an impulsive decline.

Although the price of the considered currency pair is currently in a corrective phase, it tends to stay closer to its upper part, constantly attempting to move higher. Ultimately, this may become tiresome for sellers, and the British currency may quickly start to decline while remaining within the observed corrective structure.
Expectations of a decline to the local minimum have not been justified yet, but the probability of such a development is quite significant. Moreover, this decline could mark the beginning of an extended downward impulse within the formation of the third descending impulsive wave.
Given this, cautiously selling at the current market values can be considered.
Investment idea: Sell at 1.2740, stop loss at 1.2785, take profit at 1.2600.
Bob Stan
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