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GBP/USD. Correctional growth in the form of a zigzag.

GBP/USD. Correctional growth in the form of a zigzag. | 04 April 2024

04 April 2024, GBP/USD

GBP/USD. Correctional growth in the form of a zigzag.

The pound managed to recover from the recent sharp decline, taking the initiative into its own hands. This swift rise has cast doubt on the previously considered scenario of downward impulsive movement.
Perhaps the situation is developing as follows. The formation of a downward impulse, representing wave [a] in an emerging zigzag, has completed. The observed growth during the last trading day is part of wave [b], meaning the upward movement is not yet complete.
The price will continue to rise for some time, after which there will be a renewed phase of active decline with a new low set by wave [a].
Investment idea: flat.
Bob Stan
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