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GBP/USD. Pound fails to cope with selling pressure.

GBP/USD. Pound fails to cope with selling pressure. | 01 November 2024

01 November 2024, GBP/USD

GBP/USD. Pound fails to cope with selling pressure.

Judging by how events developed for the pair under review during the past trading day, it can be concluded that there has been a desynchronization between the euro and the pound. While the euro is doing everything it can to grow and succeeding, the pound gives way sharply, allowing the price to update the local minimum. It also turns out that the previously considered scenario with a horizontal triangle as wave [b] appears to have been correct, and abandoning this marking option was a mistake.
The renewed decline, apparently, is due to the development of an impulse that is wave [c] in the supposed zigzag. Thus, in the near future, the price will continue its downward movement, so it is worth considering the possibility of entering into sell trades.
Investment idea: sell 1.2915, stop loss 1.2940, take profit 1.2700.
Bob Stan
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