GBP/USD. The downward impulse is nearing completion.
GBP/USD. The downward impulse is nearing completion. | 22 November 2024
22 November 2024, GBP/USD
The price movement pattern of the British pound has recently resembled that of the euro. Here, too, a downward impulse is likely developing, which is wave [c] of a zigzag. The price is now in the final part of this model, wave 5, and its completion is imminent. Sellers are likely to try to complete the development of this impulse by the end of the current week to start a new one with a reversal and movement in the opposite direction.
The downward potential remains small, so entering new sell transactions is not recommended. It may be time to consider closing previously opened sell positions.
Trading in this situation is not recommended; it is better to wait for a reversal and a signal for purchases.
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