GBP/USD: wave analysis
The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed, and the formation of the wave v of 1 is beginning. If the assumption is correct, the pair will grow to the level of 1.3429. In this scenario, critical stop loss level is 1.2983.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2983 with the target at 1.3429. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2983 will let the pair go down to the levels of 1.2770–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3072
Take Profit 1.3429
Stop Loss 1.2983
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2975
Take Profit 1.2770, 1.2398
Stop Loss 1.3045
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed, and the formation of the wave v of 1 is beginning. If the assumption is correct, the pair will grow to the level of 1.3429. In this scenario, critical stop loss level is 1.2983.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2983 with the target at 1.3429. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2983 will let the pair go down to the levels of 1.2770–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3072
Take Profit 1.3429
Stop Loss 1.2983
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2975
Take Profit 1.2770, 1.2398
Stop Loss 1.3045
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.