As surprising as it may seem, the pound is still struggling to cope with the pressure from the dollar. As with the euro, each attempt to rise is instantly and aggressively met with selling. However, no further decline beyond a certain level is happening. As previously mentioned, this is likely due to the development of a correction, which is wave 4 in the forming upward impulse. If this is indeed the case, the price may decline a bit further in the near future, leading to the final completion of this corrective wave. After that, an impulsive upward movement is expected to resume in wave 5 of the same impulse. The potential for further decline seems limited, so it’s not advisable to consider selling at this point.
It’s recommended to wait for the beginning of the upward movement and buy with the goal of catching the move in the fifth wave. Investment idea: range.
Origin: FreshForex
