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GBP/USD. An impulsive price decline is expected.

GBP/USD. An impulsive price decline is expected. | 16 January 2024

16 January 2024, GBP/USD

Similar to the euro, the pound couldn't withstand the sharply strengthening pressure from the dollar, beginning to surrender its positions. Such a development was anticipated, though the target has not been reached yet. However, considering the current situation where an impulsive decline is expected for the euro, it is unlikely that the pound will manage to hold its ground or even rise. Moreover, the situation with the considered pair suggests an impulsive decline, driven by the formation of the subsequent wave in the form of a zigzag within a significant descending correction, taking the shape of a double zigzag.
Thus, it may be advisable to continue holding previously opened sell positions. Additional positions can be opened if there is a breakthrough and the price consolidates below the current local minimum, which is around 1.2610.
Investment idea: Sell at 1.2610, Stop Loss at 1.2635, Take Profit at 1.2470.

Bob Stan
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