GBP/USD. British pound also failed to continue strengthening. | 03 December 2024
03 December 2024, GBP/USD
Like the euro, the British pound failed to continue its strengthening. Instead of an upward movement, we saw a decline, which is currently considered as a correction. Previously, the formation of an upward impulse, which is the initial wave in an older-level impulse, likely ended.
In this case, we expect further development of the correction structure, which presumably takes the form of a simple zigzag. The expected trajectory of movement is marked on the chart provided above. Overall, the trend remains upward, so it is not recommended to indulge in concluding sell trades.
It’s better to skip this situation, waiting for a good opportunity to enter into buy trades.
Investment idea: flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
