The GBP/USD pair shows signs of a pending bullish reversal, despite the ongoing decline in the latest trading session. The price remains close to the critical level of 61.8%, which is indicative of the completion of the correction phase. This suggests that the market is gearing up for a potential upside move in the third impulse wave of the emerging bullish trend.
While waiting for a definitive signal, such as a significant bounce back, is advisable, traders can consider positioning themselves for a possible rise. An ideal entry point would be a breakout above 1.2700, indicating a strong bullish sentiment.
Investment Idea: buy 1.2800, stop loss 1.2775, take profit 1.3200.
Origin: FreshForex
