Elliott waves analysis – GBP/USD. Buyers begin to counterattack.

Once again, the Pound faced strong pressure and managed to withstand the brink of breaking the local minimum. After this successful defensive action, cautious growth is observed. It is quite possible that this is the beginning of the development of the third impulse wave within the larger wave [v].

In this case, we may see a good directional movement during which the current local maximum will be updated. It is definitely worth trying to participate in this action.

Opening buy positions can be done at the current market values, with targets above 1.2830. It’s likely that the Pound may reach around 1.3000.