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GBP/USD. The direction has changed again.

GBP/USD. The direction has changed again. | 02 July 2024

02 July 2024, GBP/USD

GBP/USD. The direction has changed again.

The British pound also failed to gain momentum. The growth was abruptly halted, and the price significantly declined. Now the situation favors a downward movement, likely due to the formation of a correction. Thus, wave [ii] will continue to develop. The assumption that it had taken the form of a converging horizontal triangle turned out to be incorrect. More likely, the converging triangular structure is the initial diagonal, followed by corrective growth in the form of a simple zigzag. Therefore, the current movement will be impulsive and lead to the renewal of the current local minimum. In light of this, it is worth considering sell positions.
Investment idea: Sell at 1.2640, stop loss at 1.2675, take profit at 1.2530.

Bob Stan
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