GBP/USD. Growth in the fifth wave of the initial diagonal triangle. | 05 February 2025
05 February 2025, GBP/USD
The pound, like the euro, started the current trading week very poorly, allowing the dollar to significantly push the rate closer to its lowest levels this year. However, buyers were able to quickly rectify the unfavorable situation, rapidly returning the value to the original point of the decline.
It appears that these ups and downs are due to the development of a correction, which is Wave 4 in the forming initial diagonal triangle. In this case, the current rise in price is probably due to the development of the final Wave 5 of this model.
There remains some potential for further development of this wave, so buying should still be considered as the main trading option.
Investment idea: Buy at 1.2490, Stop Loss at 1.2465, Take Profit at 1.2600.
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.
