GBP/USD. Buyers are cornered. | 09 January 2025
09 January 2025, GBP/USD
Unlike the euro, the pound could not withstand the sharply increased pressure from the dollar and fell much stronger, updating the local minimum and coming close to the minimum of the previous year. It is possible that the observed price drop is due to the development of a correction, represented by a double zigzag, in which the final part is being completed.
Then buyers will be able to get out of this extremely difficult situation, starting to grow and forming a new bullish market phase. However, rushing to open buy positions at the current market values is not advisable. One should wait for a reversal and only then look for points to buy.
For now, it is recommended to stay out of the market and monitor the situation from the sidelines.
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.
