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GBP/USD. A corrective pullback is expected.

GBP/USD. A corrective pullback is expected. | 08 July 2024

08 July 2024, GBP/USD

GBP/USD. A corrective pullback is expected.

The situation for this pair is developing according to the previously considered scenario. The British currency has risen quite well, approaching the May high. Buyers are likely not strong enough to breach this point, so a pullback is highly probable in the near future. This is due to the potential completion of an impulse formation on lower timeframes. It is assumed that this impulse is the beginning of a larger impulsive movement, specifically its third wave, which will lead to the establishment of new highs. In general, buying is recommended. However, in the current situation, it is necessary to wait for the corrective pullback and only then look for a signal to enter a long position.
Investment idea: Flat.
Bob Stan
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