GBP/USD. The price is aiming for further impulsive decline.
GBP/USD. The price is aiming for further impulsive decline. | 07 November 2024
07 November 2024, GBP/USD
For the British currency, the US presidential election results were also unfavorable, similar to the euro. The price, which had been trying to initiate an impulsive upward movement, resisting individual bursts of activity from sellers, is likely to remain stuck at current local lows, eventually plunging even lower.
The movement is likely to be impulsive and driven by the development of wave [c] of the zigzag. Previous price fluctuations within a specific range are similar to a diverging horizontal triangle, which takes on the role of wave [b].
Thus, a downward impulsive decline is expected in the near future, and it is recommended to consider the possibility of entering into transactions at current market values.
Investment idea: sell 1.2830, stop loss 1.2855, take profit 1.2630.
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