The pound retains good potential for further growth. | 04 Diciembre 2023
04 Diciembre 2023, GBP/USD
The wave labeling for the considered pair has undergone some changes. This is because the current observed growth has resulted in an excessive number of 1-2 wave sequences, I-II. This can be somewhat simplified by considering Wave I as the initial diagonal triangle. This model signals a prolonged upward movement, indicating that the price will attempt to approach the maximum set in the middle of July of the current year.
Presumably, at the moment, Wave III of 3 is forming. In this case, the price is unlikely to undergo a prolonged correction, continuing to rise within today's trading day.
The anticipated movement scenario is outlined in the provided chart. Thus, a breakthrough of the local maximum at the value of 1.2735 may serve as a signal to enter buy transactions.
The corresponding investment idea would look as follows: Buy at 1.2735, stop loss at 1.2670, take profit at 1.3000.
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.
