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GBP/USD. The decline within the zigzag formation will continue.

GBP/USD. The decline within the zigzag formation will continue. | 13 November 2024

13 November 2024, GBP/USD

The pound, which had been fiercely resisting dollar pressure for a long time, finally gave up without much resistance, leading to a rather sharp decline in price. However, this scenario was quite expected. The reason is that based on the developing wave scenario, a downward correction in the form of a zigzag was expected, which lacked the final wave [c].
Apparently, it is this wave that has begun its development, or rather, the third impulse wave has already formed. In this case, after a small corrective pullback, the decline will continue, leading to another update of the current local minimum.
It is recommended to open transactions in this situation after the corrective pullback in the area of 1.2770.
Investment idea: sell 1.2770, stop loss 1.2800, take profit 1.2660.
Bob Stan
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