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GBP/USD. Correction Wave Development Expected.

GBP/USD. Correction Wave Development Expected. | 19 July 2024

19 July 2024, GBP/USD

GBP/USD. Correction Wave Development Expected.

The situation in the pair is similar to what is observed with EUR/USD. Here too, the development of a strong bullish wave, apparently an impulse, has ended, and a decline has begun.
It is possible that the formed impulse is wave 1 within wave [iii] of the higher timeframe. Thus, the observed decline can be considered as a corrective wave 2. At the moment, it is far from its final form, so we can expect further development of the corrective market structure in the near future.
In this situation, on any attempt to start rising again, it is worth considering the possibility of opening sell trades. It is possible that the price will rise slightly during today's trading session.
Investment idea: sell 1.2970, stop loss 1.2995, take profit 1.2860.
Bob Stan
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