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GBP/USD. The downward movement is put on a correctional pause.

GBP/USD. The downward movement is put on a correctional pause. | 15 November 2024

15 November 2024, GBP/USD

GBP/USD. The downward movement is put on a correctional pause.

The rapid decline in the pair, similar to EUR/USD, has paused. But this does not mean that a reversal will occur soon and the British currency will start to rise. Most likely, we will see a correction in the near future, leading to a slight increase. This is due to the formation of wave 4 in the downward impulse, which is part of the correction, specifically its wave [c].
Thus, the downward phase of the price movement is temporarily put on a correctional pause, after which the decline will continue and lead to another update of the current price minimum.
It is not recommended to open any positions in this situation.
Investment idea: flat.
Bob Stan
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