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GBP/USD. The price may attempt another upward move.

GBP/USD. The price may attempt another upward move. | 06 May 2024

06 May 2024, GBP/USD

GBP/USD. The price may attempt another upward move.

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.

Bob Stan
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