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GBP/USD. The Pound Attempts to Regain Lost Ground.

GBP/USD. The Pound Attempts to Regain Lost Ground. | 17 April 2024

17 April 2024, GBP/USD

GBP/USD. The Pound Attempts to Regain Lost Ground.

The primary scenario for the GBP/USD pair remains bullish. According to this scenario, the current correction, which takes the form of a simple zigzag, is nearing completion. It was intended to be a response to the previously formed upward impulse movement with a final diagonal triangle as wave [v].
The correction turned out to be shallow, indicating potentially strong buying pressure. However, confirmation is needed, although I would recommend cautious buying now.
Investment Idea: Buy at 1.2435, with a stop loss at 1.2405, and a take profit target at 1.2550.
Bob Stan
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