GBP/USD. Price has begun forming another correction. | 08 February 2024
08 February 2024, GBP/USD
The anticipated retest of the previously broken support level did not occur. The price managed to climb back above the designated value, forming a wave structure on the lower timeframe that closely resembles an impulse. Presumably, it is part of a zigzag, which suggests that we can expect a movement similar to what is schematically shown on the chart in the near future.
It seems unlikely that we should expect any prolonged directional movement in this case in the near future. However, it is worth monitoring the situation, and in the event of a sharp increase in selling pressure resulting in the retesting of the current local minimum, considering entering sell trades.
Investment idea: Flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
