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The pound retains good potential for further growth.

The pound retains good potential for further growth. | 04 December 2023

04 December 2023, GBP/USD

The wave labeling for the considered pair has undergone some changes. This is because the current observed growth has resulted in an excessive number of 1-2 wave sequences, I-II. This can be somewhat simplified by considering Wave I as the initial diagonal triangle. This model signals a prolonged upward movement, indicating that the price will attempt to approach the maximum set in the middle of July of the current year.
Presumably, at the moment, Wave III of 3 is forming. In this case, the price is unlikely to undergo a prolonged correction, continuing to rise within today's trading day.
The anticipated movement scenario is outlined in the provided chart. Thus, a breakthrough of the local maximum at the value of 1.2735 may serve as a signal to enter buy transactions.
The corresponding investment idea would look as follows: Buy at 1.2735, stop loss at 1.2670, take profit at 1.3000.
Bob Stan
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