GBP/USD: WAVE ANALYSIS

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GBP/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.2524
Take Profit1.2077, 1.1742
Stop Loss1.2890
Key Levels1.1742, 1.2077, 1.2890, 1.3155, 1.3470
Alternative scenario
RecommendationBUY STOP
Entry Point1.2895
Take Profit1.3155, 1.3470
Stop Loss1.2810
Key Levels1.1742, 1.2077, 1.2890, 1.3155, 1.3470

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) formed, and a downward correction develops as the second wave (2). Now, the wave C of (2) is developing, within which the first wave of the lower level i of C has formed, a local correction has ended as the second wave ii of C and the third wave iii of C has started. If the assumption is correct, the GBP/USD pair will fall to the area of 1.2077–1.1742. In this scenario, critical stop loss level is 1.2890.

GBP/USD: WAVE ANALYSIS

GBP/USD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.2890 with the targets at 1.2077–1.1742. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.2890 will let the asset grow to the area of 1.3155–1.3470.


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