GBP/USD. The price may attempt another upward move. | 06 May 2024
06 May 2024, GBP/USD
The situation with the British currency is almost identical to what we're observing with EUR/USD. Buyers hastily tried to reach new highs but overestimated their strength. As a result, intensified selling pressure pushed the price back to the initial point of the surge.
It's possible that waves 1-2 have formed within the emerging extension within wave 3, at a higher time frame. In the near future, buyers may make another attempt to rise, and this time they may consolidate at the achieved levels.
Therefore, entering buy positions remains a prospective trading decision.
Investment idea: Buy at 1.2560, stop loss at 1.2540, take profit at 1.2700.
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.
