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GBP/USD. A rise is expected within the forming correction.

GBP/USD. A rise is expected within the forming correction. | 21 October 2024

21 October 2024, GBP/USD

GBP/USD. A rise is expected within the forming correction.

Buyers met the expectations placed on them, successfully ending the final trading day of the past week on a high note for themselves. The started growth, as in the case of the euro, is presumably corrective. However, the movement here is expected to be stronger and more prolonged, and hence has a good profit potential for buying.
Positions for buying can be opened already at current market values, setting a protective stop loss at the formed minimum.
Also, keep in mind that since the movement is expected within a correction, we may see the development of a zigzag, meaning that after the first wave of active growth, there may be a slight recession or a sideways movement may form.
Investment idea: buy 1.3050, stop loss 1.3020, take profit 1.3165.
Bob Stan
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