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GBP/USD: Pound Not Ready for Continued Growth Yet

GBP/USD: Pound Not Ready for Continued Growth Yet | 03 June 2024

03 June 2024, GBP/USD

GBP/USD: Pound Not Ready for Continued Growth Yet

The situation hasn't changed significantly over the past two weeks. The price movement continues within the previously considered wave scenario. It appears that the corrective wave 4 of the ascending impulse is currently developing, taking the form of a simple zigzag.
To complete this formation, a bearish wave is necessary, so it is advisable not to rush into buying. In this scenario, it is recommended to wait for the correction to finish and then look for buying opportunities in the final wave 5 of the anticipated impulsive movement.
Until then, it is best to stay on the sidelines and observe the market's developments.
Investment Idea: Flat.
Bob Stan
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