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GBP/USD. The situation remains favorable for purchases.

GBP/USD. The situation remains favorable for purchases. | 05 November 2024

05 November 2024, GBP/USD

The situation for the analyzed trading pair also did not undergo any significant changes during the past trading day. The attempt to rise gradually lost enthusiasm. The upward movement paused and went in the opposite direction. Most likely, this is a corrective pullback before further impulsive growth.
However, the US presidential election can significantly affect the current situation. Surging volatility may lead to unpredictable movements. Therefore, it is advisable to trade extremely carefully or avoid trading altogether for the next couple of days.
Based on the developing wave pattern, the most likely scenario is a price increase due to the development of further impulsive movement.
Investment idea: buy 1.3000, stop loss 1.2975, take profit 1.3200.
Bob Stan
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