GBP/USD: wave analysis
10 May 2018, 09:28
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 1.3568 |
| Take Profit | 1.3680 |
| Stop Loss | 1.3483 |
| Key Levels | 1.3268, 1.3483, 1.3680 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3475 |
| Take Profit | 1.3268 |
| Stop Loss | 1.3545 |
| Key Levels | 1.3268, 1.3483, 1.3680 |
The pair is in a correction and can grow.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave А of (2) is forming, within which the correction fourth wave of the lower level iv of A is developing. If the assumption is correct, the pair will grow to the level of 1.3680. The level of 1.3483 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3483 with the target at 1.3680. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3483 will let the pair go down to the level of 1.3268.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave А of (2) is forming, within which the correction fourth wave of the lower level iv of A is developing. If the assumption is correct, the pair will grow to the level of 1.3680. The level of 1.3483 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3483 with the target at 1.3680. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3483 will let the pair go down to the level of 1.3268.
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