GBP/USD: The beginning of the fourth wave in the upward impulse. | 29 January 2025

The price of this pair also failed to continue its upward movement and started to pull back slowly. This is presumably because wave 3 had already been completed earlier, and the observed pullback is corrective in nature, caused by the development of wave 4. Still, the final word will belong to the buyers, as the last wave in the upward impulse is bullish. However, it is not yet time to rush into buying positions. It is recommended to wait for the completion of the correction before attempting to enter long positions. Thus, today’s trading day will likely focus on forming a zigzag, so it’s a good idea to take a pause and just observe the situation, waiting for a favorable moment to buy in the fifth impulsive wave. Investment idea: flat.