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GBP/USD. The Dollar Will Attempt to Start a Corrective Decline Again.

GBP/USD. The Dollar Will Attempt to Start a Corrective Decline Again. | 18 July 2024

18 July 2024, GBP/USD

GBP/USD. The Dollar Will Attempt to Start a Corrective Decline Again.

The British pound, like the euro, decided to maximize the favorable situation. Another surge led to a new high, after which an immediate pullback began that may continue to develop during the remaining days of this trading week.
It is assumed that wave 1 has completed its development, and now a corrective decline is beginning, driven by the formation of wave 2. In this case, the pullback may occur to the previously broken annual high at the level of 1.2895-1.2900. This resistance will change its status to support, providing a more understandable reference point for entering sell trades.
Positions can be opened in anticipation of the development of wave 2 at the current price levels.
Investment idea: sell at 1.3000, stop loss at 1.3025, take profit at 1.2900.

Bob Stan
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