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GBP/USD. The price is poised for further growth.

GBP/USD. The price is poised for further growth. | 15 December 2023

15 December 2023, GBP/USD

GBP/USD. The price is poised for further growth.

Unlike the Euro, the Pound has already managed to surpass its local maximum. This development indicates the inaccuracy of the previously considered analysis, necessitating a reassessment.
One of the possible scenarios could be an upward movement within a double zigzag as part of a connecting wave (x). It is worth noting that the initially presumed leading diagonal seems to be a running converging horizontal triangle, also serving as a connecting wave [x] but at a lower level.
The current ascent appears to be an impulse within wave c of y of (x), which is not yet complete. This suggests that we will likely see a continuation of the rise in the considered currency pair in the near future, and initiating long positions seems to be a promising decision.
Investment idea: Buy at 1.2780, stop loss at 1.2745, take profit at 1.2900.

Bob Stan
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