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GBP/USD: Correctional Growth within Wave 3 of Downward Impulse.

GBP/USD: Correctional Growth within Wave 3 of Downward Impulse. | 03 April 2024

03 April 2024, GBP/USD

GBP/USD: Correctional Growth within Wave 3 of Downward Impulse.

For the pair in question, the development of a protracted downward impulse was expected. However, sellers failed to update the local low, and sharply increased activity from their opponents led to a reversal.

While this rebound does not have a significantly important impact on the possible bearish scenario and can be considered a correction within the emerging wave 3.

In this case, the price may attempt to grow even more, forming a zigzag, having won back about 50% or 61.8% of the decline.

After that, it will be possible to look for opportunities to conclude deals for sale. Until that moment, it is recommended not to take any active trading decisions.

Investment idea: flat.

Bob Stan
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