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GBP/USD: Another Chance to Rise.

GBP/USD: Another Chance to Rise. | 06 June 2024

06 June 2024, GBP/USD

GBP/USD: Another Chance to Rise.

The assumption that the ascending impulse had completed might have been incorrect. The market seems to be trying to form wave 5 in a clear and definitive manner. Consequently, during today's and tomorrow's trading sessions, we are likely to see active attempts to rise, which could lead to the update of the current local maximum.
Ultimately, if buyers succeed in their efforts, the entire ascending impulse will complete, and the price will start developing a correction, reversing its direction by 180 degrees. However, this will likely happen next week. For now, it is possible to consider buying again upon the update of the current local maximum.
Investment Idea: Buy at 1.2810, stop loss at 1.2785, take profit at 1.2890.

Bob Stan
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