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27.12.2023 03:07 PM
In the current analysis, GBP/USD is undergoing the construction of an upward active wave Z from the perspective of wave analysis. It has a complex internal structure in the form of a double zigzag [W]-[X]-[Y]. It is possible that the first active wave [W] has been fully completed. Additionally, a downward combination wave [X] could also be constructed.
Thus, in the recent segment of the chart, we can observe the development of a bullish active wave [Y], which may take the form of a standard zigzag (A)-(B)-(C). The first impulse wave (A) has already been completed, and a bearish correction (B) to it has also been constructed. Soon, market participants can expect a price rise in the final impulse wave (C).
As of today, there are no significant news events that would impact the market. Therefore, nothing prevents the current forecast from materializing. Opening long positions with the target of taking profit at the end of the impulse (C) can be considered.
The end of wave [Y] is determined using the Fibonacci expansion tool. At the level of 1.2940, the magnitude of wave [Y] will be 61.8% of [W].
Trading recommendations: Buy at 1.2717, take profit at 1.2940.
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