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GBP/USD. The price is poised for growth within a correction.

GBP/USD. The price is poised for growth within a correction. | 12 December 2023

12 December 2023, GBP/USD

GBP/USD. The price is poised for growth within a correction.

The chart has undergone some changes, aligning with EUR/USD. It is likely that the descending impulse, constituting wave 1, has completed for the considered pair. Currently, there is preparation for a corrective rise, driven by the development of wave 2.
It appears that there is an expectation of an upcoming increase in this instrument as well. Trades can be initiated upon a breakout above the local maximum at 1.2590.
The target for this upward movement could be the level of 1.2675.
Therefore, the investment idea may have the following parameters: Buy at 1.2590, stop loss at 1.2570, take profit at 1.2675.
Bob Stan
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