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GBP/USD. Price prepares for another wave of growth.

GBP/USD. Price prepares for another wave of growth. | 02 September 2024

02 September 2024, GBP/USD

GBP/USD. Price prepares for another wave of growth.

European currencies have fully capitalized on the opportunity and significantly strengthened their position against the dollar. The pair experienced a strong impulse movement during which the current year's high was updated.
But apparently, there's more to come. The recent upward movement was likely driven by the development of wave 3 of [iii] of a bullish impulse. This wave is probably not fully formed yet. Currently, there is a development of corrective decline which is expected to conclude soon. Afterward, the price will resume its upward trajectory and surpass the previously established high. This will complete the formation of wave 3 of [iii], followed by a more prolonged and deeper correction.
In this scenario, it is recommended to wait for the completion of the corrective decline in price and then consider buying to catch another bullish wave.
Investment idea: flat.
Bob Stan
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