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GBP/USD. Directional movement turns corrective.

GBP/USD. Directional movement turns corrective. | 15 July 2024

15 July 2024, GBP/USD

GBP/USD. Directional movement turns corrective.

Unlike the euro, the British currency has not only risen but also updated significant price levels. During the surge in buyer activity, the price managed to overcome a fairly strong resistance level and set a new high for the current year.
This likely formed wave 1 of [iii]. If this is indeed the case, the price will continue to rise, developing subsequent impulse waves. However, before this, a correction will form due to the development of wave 2.
Therefore, in the near future, it is advisable to look for opportunities to enter sell trades.
Investment idea: sell at 1.2960, stop loss at 1.2985, take profit at 1.2890.

Bob Stan
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