GBP/USD: wave analysis
The probability of the pair reducing remains.
On the daily chart, the downward correction of the higher level continues to develop as a wave (2), which includes the formation of the wave C of (2). At the moment, a local correction of the lower level ii of C is formed, and if the assumption is correct, then it is logical to expect a decline in the pair to 1.2300–1.2150. The level of 1.2810 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant from the corrections below level of 1.2810 with the targets at 1.2300–1.2150. Implementation time: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2810 will let the pair grow to the level of 1.3175.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2551
Take Profit 1.2300, 1.2150
Stop Loss 1.2635
Key Levels 1.2150, 1.2300, 1.2810, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2815
Take Profit 1.3175
Stop Loss 1.2695
Key Levels 1.2150, 1.2300, 1.2810, 1.3175
On the daily chart, the downward correction of the higher level continues to develop as a wave (2), which includes the formation of the wave C of (2). At the moment, a local correction of the lower level ii of C is formed, and if the assumption is correct, then it is logical to expect a decline in the pair to 1.2300–1.2150. The level of 1.2810 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant from the corrections below level of 1.2810 with the targets at 1.2300–1.2150. Implementation time: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2810 will let the pair grow to the level of 1.3175.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2551
Take Profit 1.2300, 1.2150
Stop Loss 1.2635
Key Levels 1.2150, 1.2300, 1.2810, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2815
Take Profit 1.3175
Stop Loss 1.2695
Key Levels 1.2150, 1.2300, 1.2810, 1.3175
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