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GBP/USD. Impulse movement is about to begin.

GBP/USD. Impulse movement is about to begin. | 01 February 2024

01 February 2024, GBP/USD

GBP/USD. Impulse movement is about to begin.

Unlike the euro, the British pound has chosen not to deviate from its balanced state, continuing to trade at its established pace. However, this sideways movement cannot last forever. At some point, the equilibrium will be disrupted, and the price will either surge upwards or decline.
In our case, the scenario suggests a bearish development. This is driven by the formation of wave 3. Such a scenario aligns well with the current situation unfolding in the EUR/USD pair.
Therefore, we continue to await the activation signal through the breakout of the indicated support level on the chart.
Investment idea: Sell at 1.2600, stop loss at 1.2630, take profit at 1.2450.

Bob Stan
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