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GBP/USD. The beginning of a bearish phase?

GBP/USD. The beginning of a bearish phase? | 02 October 2024

02 October 2024, GBP/USD

GBP/USD. The beginning of a bearish phase?

The British pound is unlikely to be able to continue its strengthening. The decline that occurred during yesterday's trading day indicates a possible reversal. The wave picture can be presented in an alternative way in connection with this.
Perhaps the uptrend impulsive movement is completed. The first wave in it turned out to be extended, and the fifth was the shortest, which is clearly visible on the graph. The decline observed at the moment is a reversal and, possibly, the first wave in the emerging downward impulse.
Then it is necessary to wait for a corrective pullback, after which points for entering sell deals will be sought.
Investment idea: flat.
Bob Stan
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