GBP/USD. Pound Attempts to Rise. | 12 Agustus 2024
12 Agustus 2024, GBP/USD
The situation for the GBP/USD pair is still unfolding within the previously assumed scenario. After a minor update of the minimum, the price quickly reversed and grew fairly well. The deceptive maneuver worked, but whether the price can grow even stronger remains in question. The correction in the presumed wave 2 was not very clear. The current growth may initiate the formation of wave b in a zigzag. In that case, we might not see significant growth, and instead, the movement may stall, go sideways, and eventually, the British currency may decline again.
For this reason, if buying, it should be done very cautiously, although there is a very good opportunity to catch the third wave in the upward impulse movement. In the near future, the price is likely to grow a bit more, so it is worth considering entering long positions while being ready to move trades to break-even at the first opportunity.
Investment Idea: Buy at 1.2770, stop loss at 1.2745, take profit at 1.2820.
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