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GBP/USD. The corrective decline is not yet complete.

GBP/USD. The corrective decline is not yet complete. | 18 March 2024

18 March 2024, GBP/USD

GBP/USD. The corrective decline is not yet complete.

The situation with the considered pair is unfolding within the framework of the updated scenario. The price is moving downward, presumably forming corrective wave 4 within the expanding diagonal triangle.
The possible target for sales is likely the lower boundary of the specified pattern. In that case, we may see further price decline in the near future.
Subsequently, buyers will likely attempt to resume the upward movement. This will be prompted by the formation of the final wave 5 of [v] of the specified wave pattern. In this scenario, it is advisable to wait for the beginning of the movement and try to buy on the pullback.
Until this moment, it is recommended to stay out of the market and observe developments from the sidelines.
Investment idea: flat.
Bob Stan
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