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GBP/USD. The pound is preparing for an impulse rise.

GBP/USD. The pound is preparing for an impulse rise. | 09 May 2024

09 May 2024, GBP/USD

GBP/USD. The pound is preparing for an impulse rise.

The previous trading day was calm for the GBP/USD pair. It almost seemed like there was no trading activity at all, as the chart remained practically unchanged. For this reason, the previously considered scenario remains relevant.
It is presumed that a corrective wave 2 is currently forming within the emerging upward impulse. In the near future, the price may attempt to once again update the current local minimum, which will lead to an activation of buyers who will need to react to this provocation somehow. And this reaction could be significant. The price has good chances of experiencing a strong upward impulse movement, which will be driven by the development of wave 3 of the upward impulse.
In light of this, it is recommended to consider the possibility of entering buy positions at the level of 1.2530.
Investment idea: Buy at 1.2530, with a stop loss at 1.2515, and a take profit at 1.2700.
Bob Stan
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