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GBP/USD. Continuation of Correction Expected.

GBP/USD. Continuation of Correction Expected. | 12 March 2024

12 March 2024, GBP/USD

GBP/USD. Continuation of Correction Expected.

The situation with this trading pair is also unfolding according to the previously discussed scenario. The update of the local maximum led to a sharp increase in selling activity, causing the price to decline.
Presumably, this is due to the formation of the corrective fourth wave within the elongated wave 3 of [v]. In this case, the price will trade within a certain price range for some time, after which the upward movement will resume, and subsequent impulse waves will form as indicated on the chart.
Therefore, it is not recommended to open any trading deals in the current situation.
Investment idea: Flat.
Bob Stan
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