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GBP/USD. Zigzag Formation Nearing Completion.

GBP/USD. Zigzag Formation Nearing Completion. | 16 April 2024

16 April 2024, GBP/USD

GBP/USD. Zigzag Formation Nearing Completion.

The primary scenario for the GBP/USD pair at the moment is that the recent decline appears to be corrective in nature and likely represents a zigzag pattern. This model seems to be in its final stages of development.
There remains the possibility of a brief further decline, after which wave [c], and thus the entire zigzag, can be considered complete. After this, the price will likely begin to reverse its direction and move upward.
One of the possible scenarios for the EUR/USD pair also involves the completion of a zigzag and the beginning of an impulsive rise. Therefore, if this scenario plays out, both European currencies could see significant growth in the near future.
However, confirmation is needed before making any trading decisions.
Investment Idea: Flat.
Bob Stan
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