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GBP/USD. Price has begun forming another correction.

GBP/USD. Price has begun forming another correction. | 08 Februari 2024

08 Februari 2024, GBP/USD

GBP/USD. Price has begun forming another correction.

The anticipated retest of the previously broken support level did not occur. The price managed to climb back above the designated value, forming a wave structure on the lower timeframe that closely resembles an impulse. Presumably, it is part of a zigzag, which suggests that we can expect a movement similar to what is schematically shown on the chart in the near future.
It seems unlikely that we should expect any prolonged directional movement in this case in the near future. However, it is worth monitoring the situation, and in the event of a sharp increase in selling pressure resulting in the retesting of the current local minimum, considering entering sell trades.
Investment idea: Flat.
Bob Stan
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