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GBP/USD. The downward movement will resume soon.

GBP/USD. The downward movement will resume soon. | 19 November 2024

19 November 2024, GBP/USD

GBP/USD. The downward movement will resume soon.

The situation at the beginning of the trading week for this pair began to develop within the current wave scenario, where, presumably, a downward impulse is forming in wave [c] of a large zigzag.
Now, there is an attempt by the price to rise. Based on the current wave pattern, this rise is the fourth correctional wave. After its completion, the price will again be under pressure from the dollar, leading to an update of the current price minimum. The approximate price movement pattern for the near future is shown on the chart.
Thus, sell transactions still remain relevant, so it is worth looking for entry opportunities. Most likely, the price within the development of the current correction will rise a little more, and only then will the decline begin in the fifth wave of the downward impulse.
Investment idea: sell 1.2660, stop loss 1.2685, take profit 1.2570.

Bob Stan
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