GBP/USD. Beginning of the Third Impulse Wave Formation.
GBP/USD. Beginning of the Third Impulse Wave Formation. | 31 Julio 2024
31 Julio 2024, GBP/USD
It is unlikely that the pound will not react to the strong directional growth of the euro, so we can expect interesting activity in the GBP/USD pair in the near future. The indistinct nature of the correction in wave 2 is somewhat concerning. It looks like a single wave of decline. Although one could see a zigzag in this pullback, it is formed on a small time frame.
Therefore, we should not rule out the possibility that the correction may continue. The price might show signs of preparing for a prolonged growth, rise a bit, and then sharply fall to update the current local minimum. Only after this might the true wave 3 of the upward impulse begin to develop.
Given this situation, one could cautiously try buying, moving the position to breakeven at the first opportunity. In case wave 3 develops right now, this strategy could yield maximum profit.
Investment idea: buy at 1.2850, stop loss at 1.2820, take profit at 1.3050.
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