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GBP/USD. Accumulation of Strength for Resistance Breakout.

GBP/USD. Accumulation of Strength for Resistance Breakout. | 28 February 2024

28 February 2024, GBP/USD

GBP/USD. Accumulation of Strength for Resistance Breakout.

During the past trading day, the price failed to move higher. There is an accumulation of strength for decisive action, which will lead to a strong directional movement. Based on the current situation, there is some resistance at the top, but the price is persistently approaching it, and a breakout is expected to lead to further upward movement.
This will continue the formation of wave 3 of [v], which will be completed by updating the current local maximum. Then, a retracement is expected, followed by another wave of upward movement.
It is assumed that this will complete the development of the upward impulse that began in October of last year.
Investment idea: Buy at 1.2685, stop loss at 1.2645, take profit at 1.3000.

Bob Stan
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