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GBP/USD. The Price Continues to Form a Corrective Wave.

GBP/USD. The Price Continues to Form a Corrective Wave. | 05 August 2024

05 August 2024, GBP/USD

GBP/USD. The Price Continues to Form a Corrective Wave.

The pound's response to the opportunity to significantly improve its positions was not as vigorous as that of the euro and the Japanese yen. The price rose nicely, but it did not reach any significant levels. The last wave of the decline was played out, and now the price is under selling pressure and bending downwards.
During today's trading session, there is a high probability of a reversal. This is being considered as part of corrective wave 2. If this is indeed the case, then in the near future we can expect a movement trajectory similar to what is schematically indicated on the chart above.
Therefore, since the situation remains unclear, it is not recommended to make any trading decisions at this time.
Investment idea: flat.
Bob Stan
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