The situation regarding the GBP/USD pair is currently unfolding according to the previously considered scenario. Buyers have overcome the pressure from the dollar and managed a successful counterattack. It’s likely that the correction, which took on a corrective character and formed a simple zigzag, is complete.
The surge in activity from the British currency could be the beginning of a prolonged upward movement. In the near future, the price may experience a slight correction downward or move sideways before resuming its ascent, forming the next waves of the emerging impulse.
In this situation, it’s not recommended to open new buying positions just yet. It’s advisable to wait for the formation of the mentioned correction phase and see how sellers react to the recent surge in the pound’s exchange rate.
Investment Idea: Flat.
Origin: FreshForex
