Not surprisingly, the pound still cannot overcome the resistance of the U.S. dollar and strengthen its positions. After attempting to push back, the price did start sliding down again. These movements are currently interpreted as an impulse and a correction.
Overall, an impulsive increase is expected, driven by the formation of the third wave. However, buyers need to break free from the pressure of the dollar and direct the movement vector in the right direction. From this perspective, it’s best to leave the upcoming trading day for observation to see how events unfold, especially in light of the inauguration of the new U.S. President.
Therefore, making any trading actions at this point is not recommended.
Investment idea: Flat.
Origin: FreshForex
