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