GBP/USD. Correction Continues to Develop. | 22 July 2024
22 July 2024, GBP/USD
The situation for the GBP/USD pair is unfolding as expected. Previously, an upward impulse likely formed, constituting wave 1. This wave 1 is probably part of wave [iii] of a higher time frame, indicating a significant potential for further upward movement.
In the current scenario, it seems that the correction, which is wave 2, is developing and taking the form of a simple zigzag. If this is indeed the case, we can expect a minor rise shortly, followed by another impulsive downward movement, which will complete the formation of wave 2.
Given this situation, it is recommended to stay out of the market for now and observe the developments.
Investment idea: flat.
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.
