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GBP/USD. Completing the formation of wave [b] growth.

GBP/USD. Completing the formation of wave [b] growth. | 09 April 2024

09 April 2024, GBP/USD

GBP/USD. Completing the formation of wave [b] growth.

The pound also decided not to delay what could be done now, taking advantage of the dollar's confusion. As a result, we are currently observing the continuation of the recovery of positions previously lost by the British currency. The rise is presumably within the formation of wave c of [b] and is expected to end after updating the local maximum. Then, a resumption of the pair's impulsive decline is expected, during which the presumed descending zigzag will finally take shape.
Opening any positions in this situation is not recommended. Buy trades, made earlier, should be held for now, maximally protected by moving the stop loss order as close as possible to the market price.
Investment idea: Flat.
Bob Stan
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