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GBP/USD. The price is breaking out of the sideways range.

GBP/USD. The price is breaking out of the sideways range. | 05 February 2024

05 February 2024, GBP/USD

GBP/USD. The price is breaking out of the sideways range.

The pound, like the euro, struggled against increased pressure from the dollar and sharply declined, reaching the previously established local minimum. The situation foreshadows a strong downward movement. Prolonged consolidation in a narrow price range also suggests the potential for a significant movement. This is driven by the development of wave 3 of the downward impulse.
Therefore, it is worth seriously considering the possibility of entering sell trades at current market values. Targets for the movement lie near the lows established by the presumed wave (w).
Investment idea: Sell at 1.2605, stop loss at 1.2635, take profit at 1.2050.

Bob Stan
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