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GBP/USD. The Price Continues to Form a Downward Corrective Structure.

GBP/USD. The Price Continues to Form a Downward Corrective Structure. | 24 July 2024

24 July 2024, GBP/USD

GBP/USD. The Price Continues to Form a Downward Corrective Structure.

The current attempt to resume the decline in the considered trading pair seems somewhat illogical. The price would benefit from consolidating in a sideways movement for a while to form a clear wave b in the zigzag pattern, which wave 2 is presumably taking.
This might indeed happen if the buyers manage to hold the British currency with a subsequent counterattack. Otherwise, the corrective decline in wave 2 will continue and end earlier than expected.
Following this, a rise in wave 3 is expected, which could potentially be quite strong and long-lasting. However, there is no need to rush into trading decisions just yet. It is advisable to dedicate the current day to observing from the sidelines.
Investment idea: flat.
Bob Stan
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