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GBP/USD. A small correction before further growth.

GBP/USD. A small correction before further growth. | 18 September 2024

18 September 2024, GBP/USD

GBP/USD. A small correction before further growth.

The situation on the considered pair is unfolding within the framework of the considered scenario. The price managed to grow and update the local maximum, but it failed to reach the maximum set by the supposed wave 1. Pressure from the dollar began, and the price sharply moved down.
Probably, in this way, the correction began within the emerging wave 3 of [iii]. In this case, in the near future, we expect a small range, the exit from which is a swift, impulsive uptrend movement. The possible trajectory of the movement is indicated on the provided chart.
While the price remains within the development of the correction, undertaking any trading activities is not recommended.
Investment idea: flat.
Bob Stan
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