GBP/USD. Retest of Previously Broken Support Level Possible. | 06 February 2024
06 February 2024, GBP/USD
Similar to the euro, the pound is unable to resist the sharply increased selling pressure, leading to a rapid weakening of its exchange rate. The price has already consolidated below the support level, but there is likely to be an attempt to retest it. Therefore, in the near future, we may see a rise towards the breached level, followed by another wave of decline, leading to further lows being established.
The downward movement is expected as part of the formation of wave 3 of the descending impulse. It is recommended to wait for the realization of the mentioned retest and to start selling again after the new extreme formed as a result of this.
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.
