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GBP/USD. High Probability of Downward Movement

GBP/USD. High Probability of Downward Movement | 19 August 2024

19 August 2024, GBP/USD

GBP/USD. High Probability of Downward Movement

As anticipated, the British pound continued to rise against the dollar. The movement was quite strong, and trading closed at the peak of this upward movement. However, it is unlikely that buyers will be able to maintain this pace. The impulsive structure of the formed upward movement is clearly visible. A price decline is expected in the near future, which could be either corrective or impulsive in nature.
In this situation, it is advisable to consider the possibility of entering sell positions, as there is significant potential for a downward movement. Positions can be entered at the current market values.
Investment Idea: Sell at 1.2940, stop loss at 1.2965, take profit at 1.2800.

Bob Stan
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