Elliott waves analysis – GBP/USD. Expected rise in the final wave of the diagonal triangle.

Sellers have achieved their target in the form of the lower boundary of the presumed final diagonal triangle. Immediately upon touching this support level, a rebound occurred, and the price is attempting to start an upward movement, which could be wave 5 of [v].

The potential for movement in this case is good enough to consider participating in it. The movement in the specified wave is aimed at least at the local maximum set by wave 3. However, it is believed that the price may surpass it and establish a new extreme.

Therefore, it is recommended to consider the possibility of entering buy positions at current market values.