GBP/USD: wave analysis

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GBP/USD: wave analysis
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point1.3387
Take Profit1.3700, 1.4200
Stop Loss1.3151
Key Levels1.2300, 1.2674, 1.3151, 1.3700, 1.4200
Alternative scenario
RecommendationSELL STOP
Entry Point1.3150
Take Profit1.2674, 1.2300
Stop Loss1.3310
Key Levels1.2300, 1.2674, 1.3151, 1.3700, 1.4200

Growth is possible.

On the daily chart, the third wave of the higher level (3) forms, within which the third wave of the lower level 3 of (3) develops. Now, the wave i of 3 has ended, a correction has ended as the wave ii of 3, and the wave iii of 3 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the GBP/USD pair will grow to the area of 1.3700–1.4200. In this scenario, critical stop loss level is 1.3151.

GBP/USD: wave analysis

GBP/USD: wave analysis

Main scenario

Long positions will become relevant above the level of 1.3151 with the targets at 1.3700–1.4200. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.3151 will let the asset go down to the area of 1.2674–1.2300.


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