GBP/USD: WAVE ANALYSIS

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GBP/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point1.2823
Take Profit1.3146, 1.3500
Stop Loss1.2598
Key Levels1.1742, 1.2075, 1.2598, 1.3146, 1.3500
Alternative scenario
RecommendationSELL STOP
Entry Point1.2595
Take Profit1.2075, 1.1742
Stop Loss1.2765
Key Levels1.1742, 1.2075, 1.2598, 1.3146, 1.3500

Growth is possible.

On the daily chart, the upward first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the upward third wave (3) develops. Now, a local correction has formed as the second wave of the lower level 2 of (3), and the third wave 3 of (3) has started. If the assumption is correct, the GBP/USD pair will grow to the area of 1.3146–1.3500. In this scenario, critical stop loss level is 1.2598.

GBP/USD: WAVE ANALYSIS

GBP/USD: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 1.2598 with the targets at 1.3146–1.3500. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.2598 will let the asset go down to the area of 1.2075–1.1742.


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