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GBP/USD: Continuation of Correction.

GBP/USD: Continuation of Correction. | 14 June 2024

14 June 2024, GBP/USD

GBP/USD: Continuation of Correction.

The current situation for this pair continues to unfold within the previously proposed wave scenario. The formation of the ascending impulse is likely complete, which explains the current price decline. The market is now in a corrective phase, probably taking the form of a simple zigzag.
The first part of this model will soon be completed, and the price may start to gradually rise. However, a significant upward retracement is unlikely, so opening buy positions is not recommended.
It is better to focus on the subsequent decline, which will complete the entire corrective structure. This movement is expected to occur next week. For now, it is advisable to observe the situation from the sidelines.
Investment Idea: Flat.
Bob Stan
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