GBP/USD: Further Development of the Corrective Decline. | 21 June 2024
21 June 2024, GBP/USD
The pound has predictably declined, and the price has updated the local minimum. The formation of the correction in the form of a simple zigzag could be considered complete at this point. However, from a harmonic perspective, the size of the correction does not correlate well with the formed upward impulse.
There is a possibility that the price might attempt to go even lower, either immediately or after consolidating within a narrow range for some time. Therefore, it is not advisable to consider this pair for active trading at the moment.
It is recommended to observe how the events unfold in the near future and then look for opportunities to enter a trading position.
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.
