GBP/USD. The Price May Decline Slightly More. | 07 August 2024
07 August 2024, GBP/USD
As expected, the price failed to withstand the pressure from sellers and declined further, setting a new local low. This entire downward movement, which started in mid-July of this year, appears rather chaotic. The price movements have been erratic, making it difficult to identify clear wave patterns in this turmoil.
Currently, this decline is viewed as part of corrective wave 2 in a nascent upward impulsive movement. In the near term, a slight further decline with a new local minimum is possible. Following this, the development of the next impulsive wave 3 is expected to begin.
Therefore, it is advisable to wait for the completion of the current decline and look for a good entry point for potential buy trades.
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