GBP/USD: wave analysis
06 April 2018, 09:35
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 1.3996 |
| Take Profit | 1.3915 |
| Stop Loss | 1.4055 |
| Key Levels | 1.3915, 1.4095, 1.4264, 1.4350 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.4100 |
| Take Profit | 1.4264, 1.4350 |
| Stop Loss | 1.4040 |
| Key Levels | 1.3915, 1.4095, 1.4264, 1.4350 |
The downward correction continues.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the first wave of the lower level (i) of v of 5 has formed, and the downward correction is developing as a wave (ii) of v, within which the wave c of (ii) is forming. If the assumption is correct, in the short term the pair will fall to the level of 1.3915. The level of 1.4095 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4095 with the target at 1.3915.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4095 will let the pair grow to the levels of 1.4264–1.4350.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the first wave of the lower level (i) of v of 5 has formed, and the downward correction is developing as a wave (ii) of v, within which the wave c of (ii) is forming. If the assumption is correct, in the short term the pair will fall to the level of 1.3915. The level of 1.4095 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4095 with the target at 1.3915.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4095 will let the pair grow to the levels of 1.4264–1.4350.
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