GBP/USD: Upward Movement to Resume. | 17 May 2024
17 May 2024, GBP/USD
The situation with this pair is similar to what is currently observed with EUR/USD. After setting a new local high, the upward movement paused, and the price began to pull back. This minor decline is likely part of an ongoing internal correction. Consequently, the price may start rising again soon, continuing the formation of wave 3 of the ascending impulse.
It is recommended to open buy trades in this situation upon the update of the current local high. The target for this movement is at the 1.2900 level.
Investment Idea: Buy at 1.2700, stop loss at 1.2675, take profit at 1.2900.
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.
