GBP/USD: A Minor Correction Expected | 16 Mei 2024

16 Mei 2024, GBP/USD

GBP/USD: A Minor Correction Expected

The situation with this pair continues to unfold within the previously considered wave scenario. The pound has risen confidently and set a new local high, suggesting the formation of wave 3 of the ascending impulse.
Currently, this wave appears incomplete, indicating further potential for upward movement. However, there is a high probability of a minor correction before this continuation. Therefore, it is advisable to close some of the previously opened positions.
New trades can be initiated after the correction is complete and the current local high is updated.
Investment Idea: Flat.
Bob Stan
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