In the GBP/USD pair, the previously considered wave scenario is likely being realized, suggesting the completion of the upward impulse. Wave 5 turned out to be the shortest among the leading waves and ended with a slight update of the local maximum.
The price then spent some time in a sideways range, contemplating its next direction. Eventually, the sharply active dollar significantly pressured the British currency. This decline is likely part of the forming corrective wave [ii]. In this case, we can expect the downward price movement to continue.
However, before this, the pound might attempt to respond to the recent drop. Therefore, it is not recommended to open sell positions at this moment.
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