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GBP/USD. Price to Start a Corrective Decline.

GBP/USD. Price to Start a Corrective Decline. | 17 July 2024

17 July 2024, GBP/USD

GBP/USD. Price to Start a Corrective Decline.

The price, having updated the year's high, has stalled at these levels. It is unlikely we will see further upward movement as a full impulse wave has formed, likely wave 1 in the developing extension of wave [iii].
Thus, in the near future, there is a high probability of a corrective decline, during which wave 2 will form. It is currently assumed that this wave will take the form of a simple zigzag, but it cannot be ruled out that it may become more complex, thus taking more time.
In this situation, it is worth considering the possibility of entering sell positions at the current market levels. The potential for a corrective pullback is quite interesting.
Investment idea: sell at 1.2970, stop loss at 1.2995, take profit at 1.2860.

Bob Stan
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