GBP/USD Trading Analysis (24/07/2024)

The trend is up. The currency pair is trading in the range between 365 and 135 ЕМА. The downward wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator and the RSI indicator signal the oversold state.

Trading idea:

• Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the descending truncated structure.
• Stop-loss at 1.2880.
• Price targets at 1.2950 and 1.3000.

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