GBP/USD. Correction continues. | 09 February 2024
09 February 2024, GBP/USD
The attempt to resume the downward movement proved unsuccessful. The ensuing decline was quickly bought up, and it's unlikely that buyers will stop there. However, the subsequent rise is expected to be modest and overall will likely result in the formation of a zigzag pattern.
Subsequently, a resumption of the pair's decline is anticipated, during which the expected downward impulse in wave 3 will form.
In this situation, it is still recommended to wait for a breakout below the current local minimum before entering into selling positions.
Investment idea: Sell at 1.2520, stop loss at 1.2560, take profit at 1.2200.
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.
