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GBP/USD. Beginning of impulsive price growth.

GBP/USD. Beginning of impulsive price growth. | 04 November 2024

04 November 2024, GBP/USD

GBP/USD. Beginning of impulsive price growth.

The previously proposed wave scenario was rejected by the market. The expected decline did not occur. The price rose sharply, and the wave scenario required revision. Perhaps the correction took the form of a simple zigzag, where wave [a] formed as a classic impulse, and wave [c] as a diverging final diagonal triangle.
Thus, the observed price increase is the beginning of the development of an upward cycle, which is likely to be impulsive. Based on this situation, it is worth considering the possibility of entering into buy transactions at current market values. The immediate goal of this growth is the current price high.
Investment idea: buy 1.3000, stop loss 1.2975, take profit 1.3430.
Bob Stan
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