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GBP/USD. The correction development in wave 2 continues.

GBP/USD. The correction development in wave 2 continues. | 05 September 2024

05 September 2024, GBP/USD

GBP/USD. The correction development in wave 2 continues.

The situation on the considered pair is developing within the framework of the previously considered updated wave scenario. The price is cautiously rising and this growth, presumably, is part of the correction currently being formed, which, apparently, takes the form of a simple zigzag.
This zigzag, apparently, is wave 2 in the emerging extension in wave [iii]. If this is indeed the case, then after its completion, further on, we expect a resumption of the prolonged impulsive price movement.
Previously opened positions for purchase at the moment can be started to close or transfer to the break-even zone. Then wait for the decline during which the formation of wave 2 will be completed and here look for the opportunity to enter into purchase transactions.
Investment idea: flat.
Bob Stan
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