GBPUSD – The Price May Rise Slightly

04.09.2024

For the pair under consideration, there is another promising scenario worth exploring. It seems that wave [i] has formed as a diverging leading diagonal triangle. This was followed by a somewhat irregular correction, likely taking the form of a zigzag, and then another impulsive upward movement occurred.

Based on the current situation, it can be assumed that this upward wave is wave 1 in an emerging extension. In this case, we will likely see the development of corrective wave 2 soon, which is typically depicted as a zigzag.

In the near future, the price may rise slightly before declining again, as indicated in the attached chart. In this scenario, one could buy at the current market values and close the trades near the current high.

Recommendations: Buy at 1.3120, SL at 1.3100, TP at 1.3180.