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GBP/USD. Beginning of an Upside Impulse Development.

GBP/USD. Beginning of an Upside Impulse Development. | 23 Abril 2024

23 Abril 2024, GBP/USD

GBP/USD. Beginning of an Upside Impulse Development.

During the recent trading session, the pound, under pressure from the dollar, experienced another decline, establishing a new local minimum. It appears highly likely that this was the final downward movement, during which an impulse formed, also representing wave [c] in the emerging bearish zigzag.
If this is indeed the case, we may soon witness an active phase of growth, with some of the lost positions being recovered for the pound.
Overall, the situation seems favorable for buying opportunities. Therefore, it's recommended to consider opening long positions at the current market price, as we might be at the initial stage of forming an upward impulse.
Investment Idea: Buy at 1.2355, stop loss at 1.2330, take profit at 1.2440.

Bob Stan
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