GBP/USD. The possibility of a sharp corrective uptrend remains.
GBP/USD. The possibility of a sharp corrective uptrend remains. | 09 October 2024
09 October 2024, GBP/USD
The trade day for the considered pair also passed calmly with low activity. The price essentially didn't move anywhere, continuing to fidget in a very narrow price range. Such a pattern of events indicates the accumulation of energy for a subsequent surge in activity, which can lead to a significant movement.
However, based on the current situation, the most likely scenario is a sharp price spike upwards, driven by the development of a corrective pullback, possibly within a downward impulsive movement. The predicted movement is schematically indicated on the graph provided above. Based on it, it can be assumed that the sharp rise may also be rapidly replaced by a decline, which will ultimately prove much more powerful.
Given this, it is possible to try cautious buying at current market values.
Investment idea: buy 1.3100, stop loss 1.3085, take profit 1.3200.
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