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GBP/USD. The beginning of an impulsive decline may be possible.

GBP/USD. The beginning of an impulsive decline may be possible. | 10 April 2024

10 April 2024, GBP/USD

GBP/USD. The beginning of an impulsive decline may be possible.

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.
Bob Stan
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