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GBP/USD. Beginning of a Corrective Decline.

GBP/USD. Beginning of a Corrective Decline. | 16 July 2024

16 July 2024, GBP/USD

GBP/USD. Beginning of a Corrective Decline.

The pound, like the euro, did not miss the opportunity to further strengthen its position. During the last trading day, the British currency rate against the dollar rose again, simultaneously updating the current year's high.
Considerable effort has been expended on this entire upward segment. With the goal of updating the year's high achieved, a pullback movement is highly likely. It is assumed that during the last trading day, wave 1 of [iii] completed its development.
In the near future, we should see a corrective decline in wave 2. Therefore, it is worth considering the possibility of making selling deals at current market levels.
Investment idea: sell at 1.2960, stop loss at 1.2985, take profit at 1.2860.

Bob Stan
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