GBP/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendations | BUY |
| Point of entry | 1.2632 |
| Take Profit | 1.3155, 1.3470 |
| Stop Loss | 1.2517 |
| Key levels | 1.2077, 1.2301, 1.2517, 1.3155, 1.3470 |
| Alternative scenario | |
|---|---|
| Recommendations | SELL STOP |
| Point of entry | 1.2515 |
| Take Profit | 1.2301, 1.2077 |
| Stop Loss | 1.2585 |
| Key levels | 1.2077, 1.2301, 1.2517, 1.3155, 1.3470 |
The price is in correction, the possibility of growth remains.
On the daily chart, the ascending first wave of the senior level (1) appeared, a downward correction formed as the second wave (2), and the third wave (3) is observed. At the moment, the third wave of the junior level 3 of (3) is developing, as part of which wave i of 3 is completed and the development of a local correction as wave ii of 3 is completing, within which wave (c) of ii is being formed. If the assumption is correct, then the GBP/USD pair will rise to the area of 1.3155–1.3470. The critical stop loss level for this scenario is 1.2517.
Main scenario
Long positions are relevant above the level of 1.2517 with targets of 1.3155–1.3470. Implementation period: 7 days or more.
Alternative scenario
A breakout and price consolidation below the level of 1.2517 will allow the trading instrument to continue its downward dynamics to the area of 1.2301–1.2077.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.