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GBP/USD. The continuation of the correction is expected.

GBP/USD. The continuation of the correction is expected. | 08 January 2024

08 January 2024, GBP/USD

The situation with the considered pair is presumed to be developing within a correction. After breaking below the lower boundary of the horizontal triangle, the price began to rise, reaching this support line from the opposite side. Often, such behavior leads to further movement.
However, it is not advisable to rush to conclusions at this point. The development of the correction may take some more time and become significantly more complex. Therefore, it is recommended to refrain from making any trading decisions for now and observe how events unfold during today's trading day.
Investment idea: Flat.
Bob Stan
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