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GBP/USD. A decline in the fifth wave of the impulse will continue.

GBP/USD. A decline in the fifth wave of the impulse will continue. | 21 November 2024

21 November 2024, GBP/USD

GBP/USD. A decline in the fifth wave of the impulse will continue.

The attempt to rise turned out to be unsuccessful for the British currency, which was expected. The current wave scenario suggests that a downward impulse is currently developing, which is also wave [c] in a bearish zigzag. In this impulse, presumably, the formation of the fourth wave ended with growth, and the current decline takes on the role of the fifth final wave.
As long as this wave is not complete, the downward movement will continue in the near future, leading to another update of the current local minimum. For this reason, it is recommended to keep open sell positions in operation. You can also consider entering additional transactions.
Investment idea: sell 1.2630, stop loss 1.2650, take profit 1.2570.
Bob Stan
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