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GBP/USD. Wave 2 Formation in the Upward Impulse Continues.

GBP/USD. Wave 2 Formation in the Upward Impulse Continues. | 23 July 2024

23 July 2024, GBP/USD

GBP/USD. Wave 2 Formation in the Upward Impulse Continues.

The situation for this pair also hasn't seen any significant changes, which was quite expected. After a strong rise and updating the current year's high, the price has moved into a corrective decline. It appears that the formed impulse wave is the beginning of an extension of wave [iii], and the current decline is a correction in the form of a simple zigzag or one of its variations in a more complex form.
Simplified, it looks like a decline, a small upward pullback, and another decline. Currently, the second part—a small pullback—is in progress, which could take another trading day. After the development of this wave, it may be possible to consider entering sell trades.
Until then, it is recommended to stay out of the market and observe the developments without taking any active actions.
Investment idea: flat.
Bob Stan
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