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GBP/USD. The price may resume the downward impulse movement.

GBP/USD. The price may resume the downward impulse movement. | 07 February 2024

07 February 2024, GBP/USD

GBP/USD. The price may resume the downward impulse movement.

The situation with the considered pair is developing within the framework of the previously discussed scenario. After a fairly confident breakthrough of the support level, the downward movement abruptly stopped, followed by an upward trend. This reverse movement is likely due to a retest of the broken level, and currently, we see that the price has reached the target value.
Now, it is necessary to monitor whether there will be a rebound and a resumption of the downward movement. If this indeed occurs, one can consider the breakthrough of the current local minimum as a signal to enter sell trades. In this case, the decline will develop the presumed third wave of the downward impulse, which means it could be quite strong and prolonged.
Investment idea: Sell at 1.2520, stop loss at 1.2550, take profit at 1.2300.

Bob Stan
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