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GBP/USD. The Price Remains Under Seller Pressure.

GBP/USD. The Price Remains Under Seller Pressure. | 02 August 2024

02 August 2024, GBP/USD

GBP/USD. The Price Remains Under Seller Pressure.

Concerns that the correction was not yet complete have been fully justified. The price, failing to start an upward movement, plummeted sharply. Now, the wave pattern looks more like a reasonable correction. Buyers now need to manage to pull out of this steep decline; otherwise, serious problems could arise later.
There is still a chance that the price may drop a bit further before buyers make an attempt to start an upward impulsive movement aimed at forming wave 3.
It will soon become clear how this will unfold. In the meantime, it is still recommended not to undertake any active trading actions and to observe the market developments from the sidelines.
Investment idea: flat.
Bob Stan
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