Unlike the euro, the British currency has not only risen but also updated significant price levels. During the surge in buyer activity, the price managed to overcome a fairly strong resistance level and set a new high for the current year.
This likely formed wave 1 of [iii]. If this is indeed the case, the price will continue to rise, developing subsequent impulse waves. However, before this, a correction will form due to the development of wave 2.
Therefore, in the near future, it is advisable to look for opportunities to enter sell trades.
Investment idea: sell at 1.2960, stop loss at 1.2985, take profit at 1.2890.
Origin: FreshForex
