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GBP/USD. The Price is Preparing for a New Bearish Wave.

GBP/USD. The Price is Preparing for a New Bearish Wave. | 06 August 2024

06 August 2024, GBP/USD

GBP/USD. The Price is Preparing for a New Bearish Wave.

As expected, nothing significantly important or interesting happened for this pair during the previous trading day. Although the price showed some activity, it essentially remained at the same levels as the day before. This choppy movement is likely forming wave b of a zigzag and still appears unfinished. Therefore, in the near future, we might see a price spike upwards, followed by a quick reversal and a decline that will break the current local minimum.
Thus, during this false upward movement, you can cautiously enter a sell position to capture the indicated downward movement. This will likely complete the formation of wave 2 in the emerging upward impulsive movement.
Investment idea: sell at 1.2800, stop loss at 1.2825, take profit at 1.2700.

Bob Stan
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