The current retracement movement lacks a clear wave structure. Considering the developing situation in EUR/USD, where an upward movement is anticipated, it can be assumed that the corrective wave 2 in GBP/USD might also be complete, and the price could start moving up.
However, there might be volatility with the price moving within a narrow range, with occasional jumps up or down. This could form a more understandable corrective structure of the presumed wave 2. The price could drop lower, forming an unattractive zigzag before resuming its impulsive upward movement from these levels.
Given this uncertainty, it is not recommended to trade this pair in the near future. It is advisable to wait for the current situation to become clearer before making any trading decisions.
Investment idea: flat.
Origin: FreshForex
