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GBP/USD. Beginning of the Third Impulse Wave Formation.

GBP/USD. Beginning of the Third Impulse Wave Formation. | 31 July 2024

31 July 2024, GBP/USD

GBP/USD. Beginning of the Third Impulse Wave Formation.

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.

Bob Stan
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