Elliott waves analysis – GBP/USD. The price may begin an upward impulse movement.

The situation with the GBP/USD pair is unfolding as expected. During the previous trading day, the price sharply plunged, reaching a new local minimum and triggering many buy positions‘ protective stop losses.

Now, the opportunity arises to move in the opposite direction, especially considering the evolving wave pattern. Presumably, the observed rise is driven by the development of wave 3 of the upward impulse.

Given that this wave is just beginning to form, there’s a chance to enter at favorable prices at the outset of a potentially strong and sustained movement.