GBP/USD: Wave Analysis
| Scenario | |
|---|---|
| Time frame | Weekly |
| Recommendation | SELL |
| Entry point | 1.2915 |
| Take Profit | 1.2722, 1.2560 |
| Stop Loss | 1.3051 |
| The most important levels | 1.2560, 1.2722, 1.3051, 1.3621, 1.3894 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry point | 1.3055 |
| Take Profit | 1.3621, 1.3894 |
| Stop Loss | 1.2865 |
| The most important levels | 1.2560, 1.2722, 1.3051, 1.3621, 1.3894 |
Price correction continues, probability of decline still exists.
On the daily chart, the third wave of the older level (3) is continuing, within which the third wave of the younger level (3) of 3 is developing. At the moment, wave i of 3 has ended and the correction in the form of wave ii of 3 is developing, within which wave (c) of ii began. If the assumption is correct, the EUR/USD pair will fall to the level of 1.2722–1.2560. The critical stop-loss for this scenario is the level of 1.3051.
Basic scenario
Short positions are current below 1.3051 with targets 1.2722–1.2560. Deadline: 7 days and more.
Alternative scenario
A price breakout and stop above the 1.3051 level will enable the trading instrument to continue its upward momentum to the 1.3621–1.3894 level.
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