Unlike the Euro, the Pound has already managed to surpass its local maximum. This development indicates the inaccuracy of the previously considered analysis, necessitating a reassessment.
One of the possible scenarios could be an upward movement within a double zigzag as part of a connecting wave (x). It is worth noting that the initially presumed leading diagonal seems to be a running converging horizontal triangle, also serving as a connecting wave [x] but at a lower level.
The current ascent appears to be an impulse within wave c of y of (x), which is not yet complete. This suggests that we will likely see a continuation of the rise in the considered currency pair in the near future, and initiating long positions seems to be a promising decision.
Investment idea: Buy at 1.2780, stop loss at 1.2745, take profit at 1.2900.
Origin: FreshForex
