GBP/USD. Another bearish cycle has begun. | 03 January 2024
03 January 2024, GBP/USD
In contrast to the situation with EUR/USD, the considered trading pair failed to develop the final diagonal triangle. The price quickly went down, indicating that the upward corrective movement is likely completed. It concluded with a converging horizontal triangle. Thus, the correction took the form of a double zigzag with a simple zigzag as wave [w], a horizontal triangle as connecting wave [x], and another horizontal triangle in wave [y].
Further, a fairly prolonged downward movement is expected, likely to be of an impulsive nature. In light of this, entering into sell transactions appears to be a promising trading decision.
Investment idea: sell at 1.2625, stop loss at 1.2655, take profit at 1.2500.
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.
