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GBP/USD. Expectations of the development of a corrective uptrend remain.

GBP/USD. Expectations of the development of a corrective uptrend remain. | 16 October 2024

16 October 2024, GBP/USD

GBP/USD. Expectations of the development of a corrective uptrend remain.

British pound, like euro, cannot improve its position. An attempt to grow during yesterday's trading session was made, but all enthusiasm quickly faded, and nothing interesting happened. The play switched to sellers, and they will try to develop their success, push the price lower, and update the current local minimum.
Most likely, this will happen. But a strong movement is unlikely to be expected. This activity may awaken the sleeping forces of buyers, leading to an increase in their activity and another attempt to grow.
Thus, after updating the current local minimum, try to buy with the intention of taking a corrective uptrend movement at the very beginning of its development.
Investment idea: buy 1.3000, stop loss 1.2975, take profit 1.3180.
Bob Stan
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