GBP/USD. Another bearish cycle has begun. | 03 January 2024
03 January 2024, GBP/USD
In contrast to the situation with EUR/USD, the considered trading pair failed to develop the final diagonal triangle. The price quickly went down, indicating that the upward corrective movement is likely completed. It concluded with a converging horizontal triangle. Thus, the correction took the form of a double zigzag with a simple zigzag as wave [w], a horizontal triangle as connecting wave [x], and another horizontal triangle in wave [y].
Further, a fairly prolonged downward movement is expected, likely to be of an impulsive nature. In light of this, entering into sell transactions appears to be a promising trading decision.
Investment idea: sell at 1.2625, stop loss at 1.2655, take profit at 1.2500.
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .