GBP/USD. The price is aiming for a continuation of the uptrend. | 16 September 2024
16 September 2024, GBP/USD
Likewise, the pound was unable to continue its active strengthening, opting, apparently, for a brief respite. This pause was instantly attempted by sellers, and the price pulled back slightly. Perhaps this marked the beginning of the internal correction, which is unlikely to last for a long time.
It is quite possible that the new trading week will begin with active actions from buyers, which means the price will continue to rise. Moreover, the current wave situation is entirely in favor of the British currency. Thus, the current growth is likely part of the forming wave 3, which itself belongs to wave [iii] but of a higher temporal level. Additionally, this wave is just beginning its development, so the movement potential remains quite good.
Buy orders are recommended to be placed on the update of the current local maximum in this situation.
Investment idea: buy 1.3160, stop loss 1.3135, take profit 1.3450.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
