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GBP/USD. Continuing development of the correctional structure.

GBP/USD. Continuing development of the correctional structure. | 28 October 2024

28 October 2024, GBP/USD

GBP/USD. Continuing development of the correctional structure.

The final trading day of the past week saw the GBP/USD pair remaining largely unchanged in terms of price fluctuations. This supports the hypothesis that the previous decline was part of the developing correction, which takes the form of a horizontal triangle. According to this scenario, the current consolidation process is nearly complete, and the missing final wave is expected to be formed soon.
Given the limited momentum available, it is not advisable to consider buying at this stage. Instead, it would be wise to stay out of the market and monitor developments closely.
Investment idea: flat.
Bob Stan
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