GBP/USD. The development of the third impulsive wave is expected. | 04 July 2024

It seems that the corrective decline in wave [ii] has finally concluded. It was somewhat awkward and does not fit the definition of a clear corrective model. Nonetheless, the sharp spike in buyer activity indicates an attempt to seize the initiative from the dollar and start a strong directional movement. It is assumed that this is the beginning of the development of wave [iii]. The pound needs to surpass the maximum set by wave [i] and consolidate at these levels. This will serve as an additional confirming factor in favor of further upward movement. In this situation, buying at the current market values can be considered to capture the movement in the presumed third wave of the impulse.