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GBP/USD. Zigzag Development Nearing Completion.

GBP/USD. Zigzag Development Nearing Completion. | 22 April 2024

22 April 2024, GBP/USD

GBP/USD. Zigzag Development Nearing Completion.

Unlike the euro, which prevented the dollar from updating its current minimum, the pound weakened, leading to the establishment of a new local extreme. This was expected and fits well into the wave scenario under consideration.
It is possible that wave [c] in the zigzag is still unfolding. If this is indeed the case, this correctional pattern will soon be completed. The price may drop a little more before starting to rise.
It is not recommended to rush with trading decisions at this point. It's better to observe how events unfold over the next day or two.
Investment Idea: Flat.
Bob Stan
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