GBP/USD: wave analysis
12 September 2017, 08:56
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3185 |
| Take Profit | 1.2770 |
| Stop Loss | 1.3325 |
| Key Levels | 1.2770, 1.3222, 1.3350, 1.3450 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3230 |
| Take Profit | 1.3350, 1.3450 |
| Stop Loss | 1.3170 |
| Key Levels | 1.2770, 1.3222, 1.3350, 1.3450 |
The decreasing of the pair is expected.
On the 4-hour chart the downward correction of the higher level is forming as a wave (2), within it the development of the wave В has ended. Locally the development of the momentum within the wave c of B has ended. If the assumption is correct, the pair will fall to the level of 1.2770 within the wave c of (2). The level of 1.3222 is critical for this scenario.
Trading tips
Short positions can be opened during the correction, below the level of 1.3222 with the target at 1.2770.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3222 will let the pair grow to the levels of 1.3350–1.3450.
On the 4-hour chart the downward correction of the higher level is forming as a wave (2), within it the development of the wave В has ended. Locally the development of the momentum within the wave c of B has ended. If the assumption is correct, the pair will fall to the level of 1.2770 within the wave c of (2). The level of 1.3222 is critical for this scenario.
Trading tips
Short positions can be opened during the correction, below the level of 1.3222 with the target at 1.2770.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3222 will let the pair grow to the levels of 1.3350–1.3450.
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