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GBP/USD: Final Rise in the Ascending Impulse

GBP/USD: Final Rise in the Ascending Impulse | 04 June 2024

04 June 2024, GBP/USD

Contrary to expectations of a correction, the price has risen confidently. This necessitated minor adjustments to the current wave count, without significantly affecting the overall situation.
It is possible that wave 5 of the ascending impulse is currently forming. The corrective wave 4 took the shape of an expanding horizontal triangle. After such corrective patterns, movements in the final wave are typically limited to modest updates of the local extremes set by the same pattern.
We now see that the maximum has been updated. The price may rise slightly more, completing the entire ascending impulse structure.
In this situation, cautious buying can be considered, but with small targets.
Investment Idea: Buy at 1.2815, stop loss at 1.2800, take profit at 1.2865.

Bob Stan
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