GBP/USD. Impulsive decline of the pair in wave 3. | 17 January 2024
17 January 2024, GBP/USD
The price has reached the previously outlined target in the form of a local minimum. At this level, there may be a reaction from buyers, leading to a sharp rebound. Alternatively, the price might not notice this level at all. However, it is recommended to hedge previously opened sell positions in some way: move the protective stop loss as close to the market value as possible or close a portion of the open position.
The current decline in price is presumably driven by the development of wave 3 of the descending impulse. This impulse is likely part of a zigzag, and the zigzag is part of a compound correction in the form of a double zigzag. Thus, overall, a significant decline in the exchange rate of the British currency against the dollar is expected.
Investment idea: Sell at 1.2600, stop loss at 1.2625, take profit at 1.2500.
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