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GBP/USD. The formation of the second wave of an emerging downtrend is nearing completion.

GBP/USD. The formation of the second wave of an emerging downtrend is nearing completion. | 14 December 2023

14 December 2023, GBP/USD

GBP/USD. The formation of the second wave of an emerging downtrend is nearing completion.

A rapid rise has occurred in the considered trading pair. The British currency has sharply strengthened its positions, almost reaching the previously set targets. Here, as with EUR/USD, the rise is presumed to be part of corrective wave 2, indicating an anticipated reversal and a strong impulsive decline in the future.
However, before that happens, the price may still rise, so it is advisable not to rush to conclusions and trading decisions. Moreover, it is possible that the price, continuing to rise, will update the current maximum, indicating an error in the current wave labeling.
In the current situation, it is recommended to either start partially closing long positions or move the stop loss closer to the current market value of the asset. Then, it is necessary to take a pause and see how events unfold further.
Investment idea: flat.
Bob Stan
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