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GBP/USD. Growth in the fifth wave of the ascending impulse.

GBP/USD. Growth in the fifth wave of the ascending impulse. | 07 March 2024

07 March 2024, GBP/USD

GBP/USD. Growth in the fifth wave of the ascending impulse.

The British currency appears quite confident at the moment. Like the euro, the pound moved upward during the last trading day. Sellers failed to darken the positive sentiment, as they have often tried in the past. The new trading day begins with renewed highs, and the upward movement likely retains certain potential.
It is probable that wave 3 of [v] of the ascending impulse is forming in this manner. Therefore, the local maximum will likely be updated soon, and thus, previously opened long positions are recommended to be kept active. If possible, new positions can be opened on the update of local highs.
Investment idea: Buy at 1.2765, Stop Loss at 1.2730, Take Profit at 1.3000.

Bob Stan
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