GBP/USD. The situation retains possibilities for an impulsive growth. | 01 March 2024
01 March 2024, GBP/USD
The pound did not attempt to recover against the euro and instead of confidently rising, it sharply relinquished its positions, allowing the price to renew its local minimum. As a result, the wave pattern in the presumed wave [v] is starting to resemble not an impulse but a zigzag. And if buyers do not become active, the price may go down, breaking the entire presumed wave structure.
In this regard, today's trading day may be decisive, unless, of course, the market prefers to postpone matters until next week, leaving the price at current levels.
Be that as it may, there is still the possibility for the development of wave [v] of the ascending impulse with an extension in the embedded wave 3.
Investment idea: Buy at 1.2700, stop loss at 1.2675, 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.
