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GBP/USD. Expectations of decline in a forming zigzag remain.

GBP/USD. Expectations of decline in a forming zigzag remain. | 11 November 2024

11 November 2024, GBP/USD

The situation for the pair under consideration is still developing within the expected scenario. Like the euro, the pound, unable to recover and consolidate sufficiently, began to lose its positions again. Ahead is a local support level that sellers will try to overcome. If successful, the price will fall even further. And this scenario is currently the main one, as the current decline is seen as wave [c] in the zigzag. The movement in this wave is in the form of an impulse, so it is potentially possible to get a good and quick profit in selling transactions.
Thus, in this situation, it is recommended to consider the possibility of entering into selling transactions at current market values.
Investment idea: sell 1.2885, stop loss 1.2910, take profit 1.2700.
Bob Stan
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