GBP/USD

GBP/USD: wave analysis

The pair may fall., On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2925.

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Main scenario

Short positions will become relevant during the correction, below the level of 1.2925 with the target at 1.2600. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2925 will let the pair grow to the level of 1.3305.

 

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.2754
Take Profit 1.2600
Stop Loss 1.2815
Key Levels 1.2600, 1.2925, 1.3305

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 1.2930
Take Profit 1.3305
Stop Loss 1.2805
Key Levels 1.2600, 1.2925, 1.3305

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