GBP/USD. The beginning of an impulsive decline may be possible. | 10 April 2024
10 April 2024, GBP/USD
The situation with this pair is similar to what is currently observed with the EUR/USD pair. Here too, the formation of a diagonal triangle, possibly representing wave [a] in a bearish zigzag, is presumed to have concluded earlier. This was followed by a corrective rise, also resembling a simple zigzag. This is likely wave [b], the formation of which is already completed.
In such a case, we may soon see a resumption of the downward impulsive movement, driven by the formation of wave [c].
One can cautiously try to open sell trades at the current market values. The goal of the movement is to break through the minimum established by wave [a].
Investment idea: sell 1.2665, stop loss 1.2690, take profit 1.2500.
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.
