GBP/USD. The price is storming | 22 March 2024
22 March 2024, GBP/USD
We're witnessing erratic price jumps in the GBP/USD pair as well. A strong and confident rise suddenly comes to an end, and the price plunges, setting a new local minimum in an instant.
It's entirely possible that the formation of the ascending impulse with the final diagonal triangle in wave [v] has concluded before this. It was expected that wave 5 of [v] had not yet begun its development, and therefore, another upward surge to update the previously established local price highs was anticipated.
The observed decline could now be the beginning of a descending impulse movement. However, it's not advisable to rush into making any trading decisions. It's recommended to take a small pause and observe how events unfold in the near future.
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.
