GBP/USD Trading Analysis (29/07/2024)

The trend is up. The currency pair is trading in the range between 365 and 135 ЕМА. The downward truncated wave structure finished with the breach of the sloping channel. There is a bullish divergence on the Awesome Oscillator.

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 1.2847 under the local minimum of the descending structure.
• Price targets at 1.2950 and 1.3042.

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