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GBP/USD. The beginning of the development of the third impulsive wave.

GBP/USD. The beginning of the development of the third impulsive wave. | 01 July 2024

01 July 2024, GBP/USD

GBP/USD. The beginning of the development of the third impulsive wave.

The pound is trying to keep up with the euro and has also managed to start rising. Although the situation suggested another downward wave to complete the correction in the form of a zigzag, the current buyer activity has overridden this expectation. It is possible that the correction has taken the form of a converging horizontal triangle and is now complete. In this case, the observed growth marks the beginning of the formation of wave [iii] of the upward impulse, indicating a significant movement in this direction. Entering buy positions in this situation appears to be a promising trading decision, so it is recommended to consider this opportunity.
Investment idea: Buy at 1.2685, stop loss at 1.2660, take profit at 1.2775.

Bob Stan
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