Elliott waves analysis – GBP/USD. The Price Begins to Rise.

The price did indeed update the local minimum and then immediately reversed and began to rise. This might indicate the completion of the rather peculiar corrective wave 2. If so, the price could significantly increase as the third impulsive wave in the upward movement develops.

However, setting large targets for this upward movement may not be prudent yet. It’s important to observe the price behavior as it reaches the halfway point of the previous decline during wave 2. The considered scenario might be incorrect, and the market could take an entirely different path.

For now, it is advisable to try buying at current levels, with the target set at the halfway point (50%) of wave 2 as previously mentioned.