GBP/USD. Expected Corrective Price Decline | 20 August 2024
20 August 2024, GBP/USD
The British Pound (GBP) has continued its upward momentum since the beginning of the new trading week, approaching the previously established maximum. The likelihood that this upward movement represents wave 3 is increasing. However, to sustain this momentum and break above the maximum set by wave 1, the price will likely need a considerable amount of energy.
Before attempting to surpass the previous high, the price may experience a corrective pullback, potentially forming a zigzag pattern. This scenario suggests that there may be a good opportunity to enter short positions at current market levels. Given the strength of the recent upward movement, there is a reasonable expectation of a selling reaction that could lead to a significant decline or a prolonged sideways movement. Both scenarios initially suggest a downward movement, making it worthwhile to cautiously enter a sell position.
Investment Idea: Sell at 1.2980, with a stop loss at 1.3000, and a take profit at 1.2900.
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