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GBP/USD. Correction Continues to Develop.

GBP/USD. Correction Continues to Develop. | 22 July 2024

22 July 2024, GBP/USD

GBP/USD. Correction Continues to Develop.

The situation for the GBP/USD pair is unfolding as expected. Previously, an upward impulse likely formed, constituting wave 1. This wave 1 is probably part of wave [iii] of a higher time frame, indicating a significant potential for further upward movement.
In the current scenario, it seems that the correction, which is wave 2, is developing and taking the form of a simple zigzag. If this is indeed the case, we can expect a minor rise shortly, followed by another impulsive downward movement, which will complete the formation of wave 2.
Given this situation, it is recommended to stay out of the market for now and observe the developments.
Investment idea: flat.
Bob Stan
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