InvestMate|GBP/USD Worth the risk?💷💵

💷💵GBP/USD Worth the risk?

💷💵That's how I recently predicted the first downward impulse on GBP/USD:

💷💵This time it is time for an update and to broaden my perspective on this pair.

💷💵Begin with the fact that since 25 September the Pound on all pairs has shown strength and a massive wave of strengthening of this currency has started since the breakout of new lows.

💷💵We've had a couple of major corrections along the way, but looking at this indecision from investors about the direction we would take and the lack of willingness to buy. I am inclined to think there is a good chance of seeing a clear downward correction at the current point.

💷💵The place where it could end has been marked by a support zone that I have determined based on a cluster of two levels. The first level is the 0.5 fibo level of the entire upward wave that started after the largest downward correction in the current uptrend. The second is the 1:1 level of the largest downward correction in the current upward wave that started on 25 September.

💷💵I have also determined a resistance zone based on the space between the 0.5 and 0.618 levels of the largest upward wave from the peak.

💷💵The scenario I'm playing out is the start of the next wave of weakness in the pound against the dollar, taking into account smaller corrections along the way which, in the perspective of the next weeks, will end at the support zone marked on the chart.

💷💵*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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