GBP/USD. A significant decline seems imminent. | 21 December 2023
21 December 2023, GBP/USD
Earlier, it was anticipated that wave c of [y] of (x) would form as a fairly prolonged impulse. However, the pressure from the dollar is preventing buyers from realizing this scenario. It is likely that the situation will be limited to the fact that a new high was reached, and this wave is indeed c of [y] of (x).
In the near future, we may witness an extended decline aimed at forming a zigzag, which is the second part and wave (y) in the presumed double zigzag.
Thus, if this assumption proves correct, entering sell positions could be a highly profitable trading decision, and this opportunity is worth considering. Opening positions is recommended after the formation of a small correction, as schematically indicated on the chart, or based on current market values but with small volumes.
Investment idea: Sell at 1.2625, stop loss at 1.2665, take profit at 1.2050.
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