The further decline of the British currency against the dollar was expected. Presumably, this continued the development of wave c of [ii], taking the form of a simple zigzag correction.
If this is indeed the case, this pattern will soon be completed, and the price will start to attempt an upward movement. This growth is likely to be wave [iii] of a bullish impulse, indicating a potentially strong and prolonged movement.
To enter buy trades, it is necessary to wait for the beginning of the upward movement and look for opportunities to enter a position during the subsequent pullback. Until then, it is recommended to stay out of the market and monitor the development of events.
Investment Idea: Flat.
Origin: FreshForex
