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GBP/USD. A decline is expected in the final wave of the downward impulse.

GBP/USD. A decline is expected in the final wave of the downward impulse. | 20 November 2024

20 November 2024, GBP/USD

The situation for this pair developed similarly to EUR/USD during the past day. The price confidently headed down to update the previously established local minimum, but when it approached this extreme point, it suddenly turned around and rapidly moved in the opposite direction. As a result, the entire decline was not only played back but fully absorbed by buyers.
Thus, apparently, the development of the correction continued, which is the fourth wave in the forming downward impulse, part of a zigzag. In this zigzag, the final wave [c] is developing, and another downward wave is needed for its completion.
This decline is likely to occur soon.
Investment idea: sell 1.2670, stop loss 1.2695, take profit 1.2570.
Bob Stan
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