The British Pound (GBP) has continued its upward momentum since the beginning of the new trading week, approaching the previously established maximum. The likelihood that this upward movement represents wave 3 is increasing. However, to sustain this momentum and break above the maximum set by wave 1, the price will likely need a considerable amount of energy.
Before attempting to surpass the previous high, the price may experience a corrective pullback, potentially forming a zigzag pattern. This scenario suggests that there may be a good opportunity to enter short positions at current market levels. Given the strength of the recent upward movement, there is a reasonable expectation of a selling reaction that could lead to a significant decline or a prolonged sideways movement. Both scenarios initially suggest a downward movement, making it worthwhile to cautiously enter a sell position.
Investment Idea: Sell at 1.2980, with a stop loss at 1.3000, and a take profit at 1.2900.
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