Category: Forex News

GBP/USD Forecast: correctional pound strengthening

By Published On: March 26, 20240.7 min readViews: 1390 Comments on GBP/USD Forecast: correctional pound strengthening

The pound, together with the euro, is trying to regain lost positions after a rapid decline. The observed growth is seen here as part of the correction.

Previously, probably, the formation of an upward impulse with a diagonal line in the fifth wave has been completed. This suggests that the downward movement will be strong, the beginning already exists. The current growth seems to be aimed at retesting the broken trend, or the lower forming the final diagonal triangle, indicated on the graph by a dotted line.

As can be seen from the given screenshot, there is still room for the price to grow, so opportunities to consider buying transactions in the near future.

Investment Idea: Buy 1.2645, Stop Loss 1.2620, Take Profit 1.2715

GBP/USD: correctional pound strengthening.

Origin: FreshForex

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