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GBP/USD: Corrective Decline

GBP/USD: Corrective Decline | 05 June 2024

05 June 2024, GBP/USD

GBP/USD: Corrective Decline

It was previously noted that after developing expanding horizontal triangles, the price moves towards forming an impulse less aggressively, limited to minor updates of the established extremes. Currently, it seems that wave 5 in the bullish impulse has barely updated the local maximum.
The impulse is presumably complete. The market is gradually transitioning into a corrective phase, indicating an impending decline. The depth of this pullback is uncertain, but it is worth trying to participate in this movement.
Investment Idea: Sell at 1.2765, stop loss at 1.2790, take profit at 1.2640.

Bob Stan
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