Elliott waves analysis – GBP/USD. Continuation of the correctional rise is expected.

Previously discussed scenario involved the development of the wave b in a bearish zigzag pattern, which might take the form of a horizontal triangle. The price managed to bounce off the lower boundary and shows signs of growth. If this scenario plays out, today’s movement could indicate the beginning of the corrective wave c, which will complete the zigzag.

Although the rise has not yet reached the targeted level of 61.8% according to the Fibonacci Retracement, the potential for profit from the current movement remains attractive. Considering the current sentiment, it is reasonable to consider opening buy orders at the present market levels, especially if the price rises above the stop loss.