GBP/USD: A Minor Correction Expected | 16 May 2024
16 May 2024, GBP/USD
The situation with this pair continues to unfold within the previously considered wave scenario. The pound has risen confidently and set a new local high, suggesting the formation of wave 3 of the ascending impulse.
Currently, this wave appears incomplete, indicating further potential for upward movement. However, there is a high probability of a minor correction before this continuation. Therefore, it is advisable to close some of the previously opened positions.
New trades can be initiated after the correction is complete and the current local high is updated.
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.
