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GBP/USD. Price preparing for another wave of decline.

GBP/USD. Price preparing for another wave of decline. | 29 October 2024

29 October 2024, GBP/USD

GBP/USD. Price preparing for another wave of decline.

The situation over the past trading day for the pair under consideration changed slightly. The pound tried to grow, but after reaching a local maximum, it stopped again. And all these microscopic movements are taking place inside the presumed correction, likely taking the form of a simple zigzag, with a horizontal triangle serving as the link wave [b]. The specified wave currently appears incomplete, so in the near term, continued work on it is expected, which will likely bring the price to the upper boundary of the descending channel.
After that, presumably, the price will start falling again to form wave [c].
Thus, it is necessary to wait for the beginning of the development of the mentioned wave before entering into sell trades. A break below the level of 1.2935 could serve as a signal to act.
Investment idea: sell 1.2935, stop loss 1.2960, take profit 1.2815.
Bob Stan
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