GBP/USD. A zigzag correction may be forming. | 25 March 2024
25 March 2024, GBP/USD
The British pound is also struggling to recover after the blow dealt by the dollar. The current observed decline is likely due to the formation of a correction, in which the first part is either completing or has already completed.
Therefore, we can expect a corrective rise and some wandering within a certain price range in the near future, roughly as schematically indicated on the chart. Then, a resumption of downward movement in impulsive form is anticipated. This correction could take the form of a simple zigzag.
The true development of the situation will become clear over time. However, it is not recommended to take any trading actions at the moment.
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.
