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GBP/USD. The development of the corrective decline is expected to be completed soon.

GBP/USD. The development of the corrective decline is expected to be completed soon. | 08 May 2024

08 May 2024, GBP/USD

GBP/USD. The development of the corrective decline is expected to be completed soon.

The pound, like the euro, failed to improve its position and strengthen. Instead, a reverse movement began, which is presumably part of a downward correction. Two possible corrective patterns are possible for the GBP/USD pair: a flat and a zigzag. The specific form of correction is unlikely to have any significant impact, so it's not worth dwelling on it.
In the future, there is a high probability of continued decline, although the potential is small and participating in it is not recommended.
Therefore, it's advisable to stay out of the market on this trading pair and observe the developments from the sidelines without making any trading decisions.
Investment idea: Flat.
Bob Stan
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