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GBP/USD. Correctional Growth Expected.

GBP/USD. Correctional Growth Expected. | 12 April 2024

12 April 2024, GBP/USD

GBP/USD. Correctional Growth Expected.

For the GBP/USD pair, there hasn't been anything extraordinary happening recently. After dropping below the local minimum, the price found support and is now attempting to rebound from it and rise. It seems that upward movement will occur, but it will likely be of a corrective nature.
Expecting a strong surge might not be warranted, but it could be sufficient for some profit-taking opportunities. Therefore, it's advisable to consider the possibility of entering buy positions at current market values. It's probable that after the completion of the corrective rise, the price will resume its decline as part of the development of wave [c] forming a zigzag pattern.
Investment Idea: Buy at 1.2555, with a stop loss at 1.2530, and a take profit target at 1.2620.
Bob Stan
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