GBP/USD: wave analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3066 |
| Take Profit | 1.3621, 1.3894 |
| Stop Loss | 1.2866 |
| Key Levels | 1.2077, 1.2301, 1.2866, 1.3621, 1.3894 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2865 |
| Take Profit | 1.2301, 1.2077 |
| Stop Loss | 1.3055 |
| Key Levels | 1.2077, 1.2301, 1.2866, 1.3621, 1.3894 |
Growth is possible.
On the daily chart, the third wave of the higher level (3) forms, within which the third wave of the lower level 3 of (3) develops. Now, the wave iii of 3 has ended, and a correction has formed as the wave iv of 3. If the assumption is correct, the GBP/USD pair will grow within the wave v of 3 to the area of 1.3621–1.3894. In this scenario, critical stop loss level is 1.2866.
Main scenario
Long positions will become relevant above the level of 1.2866 with the targets at 1.3621–1.3894. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 1.2866 will let the asset go down to the area of 1.2301–1.2077.
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