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GBP/USD. The situation continues to be considered favorable for a price decline.

GBP/USD. The situation continues to be considered favorable for a price decline. | 22 January 2024

22 January 2024, GBP/USD

GBP/USD. The situation continues to be considered favorable for a price decline.

Throughout the final trading session of the past week, the situation has seen little to no significant changes. The price, rebounding from the local minimum, is cautiously rising, but this movement is viewed as a correction. Therefore, a reversal is expected in the near future, with an attempt to break and consolidate below the indicated level.
It is anticipated that the development of an extension in wave 3 of an emerging downward impulse will begin. A signal to enter into selling transactions will be a breakthrough and consolidation below the mentioned level.
The price may have in mind another scenario of events, which will become clear over time, but for now, the situation is viewed from the bearish perspective.
Investment idea: Sell at 1.2600, stop loss at 1.2625, take profit at 1.2300.

Bob Stan
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