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GBP/USD. The Current Situation May Still Be Part of a Correction.

GBP/USD. The Current Situation May Still Be Part of a Correction. | 19 April 2024

19 April 2024, GBP/USD

GBP/USD. The Current Situation May Still Be Part of a Correction.

Like the euro, the pound failed to continue rising and began to decline under the pressure of the dollar, ultimately falling below the previously established local minimum. The current situation allows us to consider this movement within the framework of the previously considered correction in the form of a simple zigzag.
There is still a chance that the development of wave [c] is continuing. In this case, after some further downward movement, an attempt to reverse with subsequent impulsive growth will be made.
However, it is not recommended to rush into making trading decisions at this time. It is necessary to wait for confirmation, which will likely form during the next trading week.
Investment Idea: Flat.
Bob Stan
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