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