GBP/USD. Buyers begin to counterattack. | 16 February 2024
16 February 2024, GBP/USD
Once again, the Pound faced strong pressure and managed to withstand the brink of breaking the local minimum. After this successful defensive action, cautious growth is observed. It is quite possible that this is the beginning of the development of the third impulse wave within the larger wave [v].
In this case, we may see a good directional movement during which the current local maximum will be updated. It is definitely worth trying to participate in this action.
Opening buy positions can be done at the current market values, with targets above 1.2830. It's likely that the Pound may reach around 1.3000.
Investment idea: Buy at 1.2585, stop loss at 1.2560, take profit at 1.3000.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
