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GBP/USD. Minor rise before an impulsive decline.

GBP/USD. Minor rise before an impulsive decline. | 18 January 2024

18 January 2024, GBP/USD

GBP/USD. Minor rise before an impulsive decline.

The price reached a local minimum and even managed to slightly update it. However, there was no continuation of the decline. As anticipated, a support level was encountered, leading to a rebound. The observed rise is likely corrective, indicating that a substantial increase in price is unlikely. However, considering the current price favorable for initiating sell trades is also not advisable.
In the near future, the pair may experience further growth, followed by another attempt by sellers to initiate a final breakdown. The price will then start an impulsive decline, forming wave 3.
In this situation, the previously noted support level, from which the rebound occurred, still maintains its status as a significant signal. In the event of a breakthrough and the price consolidating below it, selling opportunities may be considered.
Until then, it is not recommended to make any trading decisions.
Investment idea: Flat.
Bob Stan
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