GBP/USD. The decline will soon be replaced by a corrective uptrend. | 04 October 2024
04 October 2024, GBP/USD
The situation on the considered pair also suggested the possibility of further decline with an update of the local minimum. The price really dropped, but the movement was quite noticeable, and in the near future, we are unlikely to see any reaction from buyers. It is more likely that the price will drop again, but not as strongly this time, and only after that, the correctional movement will begin.
The development of the situation in this way is likely due to the completed earlier uptrend impulse and the subsequent relatively voluminous correction.
Given this picture, it is recommended to wait for the completion of the price decline and after the next update of the minimum, to look for an opportunity to enter buy deals.
Investment idea: buy 1.3070, stop loss 1.3050, take profit 1.3150.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
