GBP/USD: wave analysis
29 March 2018, 09:57
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.4053 |
| Take Profit | 1.4350, 1.4450 |
| Stop Loss | 1.3955 |
| Key Levels | 1.3890, 1.4025, 1.4350, 1.4450 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.4020 |
| Take Profit | 1.3890 |
| Stop Loss | 1.4080 |
| Key Levels | 1.3890, 1.4025, 1.4350, 1.4450 |
The trend is upward.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level (iii) of v of 5, within which the correction iv of (iii) has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4350–1.4450. The level of 1.4025 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4025 with the targets at 1.4350–1.4450.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4025 will let the pair go down to the level of 1.3890.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level (iii) of v of 5, within which the correction iv of (iii) has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4350–1.4450. The level of 1.4025 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4025 with the targets at 1.4350–1.4450.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4025 will let the pair go down to the level of 1.3890.
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