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GBP/USD. The rise in the fifth wave of the diagonal triangle has begun.

GBP/USD. The rise in the fifth wave of the diagonal triangle has begun. | 21 March 2024

21 March 2024, GBP/USD

GBP/USD. The rise in the fifth wave of the diagonal triangle has begun.

The British currency has been presented with an opportunity to improve its position. After reaching the lower boundary of the ascending diagonal triangle, the price was able to sharply increase. Similar to the euro, there was a retracement movement towards the specified boundary before this surge.
The current impulsive move is likely part of wave 5 of [v] and appears unfinished at the moment. Therefore, we can expect further upward movement in the near future.
Buyers are probably aiming to retest the current local maximum set by wave 3. After this event, the price may reverse and start to decline, so it is advisable to be prepared to close long positions.
Investment idea: Buy at 1.2785, with a stop loss at 1.2750, and a take profit at 1.2930.
Bob Stan
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