Elliott waves analysis – GBP/USD. The price is preparing a launchpad for takeoff.

The situation for this pair is also developing within the previously considered wave scenario. After a substantial rise, a pullback has begun, which may continue in the near future. However, the remaining potential for decline is small, so this situation is not suitable for selling. The subsequent rise could be quite interesting. Presumably, the movement will be driven by the development of wave [iii] of the upward impulse. In this case, we could see a new high for the year. It is recommended to open buy positions on the breakout of the 1.2845 level, which is the current local maximum. Below this level, a correction is likely to form.
Investment idea: buy 1.2845, stop loss 1.2815, take profit 1.3000.

You may check other analytical reviews on FreshForex website. Source: freshforex.com.