GBP/USD: wave analysis
23 May 2018, 09:20
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3405 |
| Take Profit | 1.3333 |
| Stop Loss | 1.3475 |
| Key Levels | 1.3333, 1.3493, 1.3687, 1.3760 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3500 |
| Take Profit | 1.3687, 1.3760 |
| Stop Loss | 1.3435 |
| Key Levels | 1.3333, 1.3493, 1.3687, 1.3760 |
The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) is forming, within which the development of the fifth wave v of A is ending. If the assumption is correct, in the short term the pair will fall to the level of 1.3333. The level of 1.3493 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3493 with the target at 1.3333. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3493 will let the pair grow to the levels of 1.3687–1.3760.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) is forming, within which the development of the fifth wave v of A is ending. If the assumption is correct, in the short term the pair will fall to the level of 1.3333. The level of 1.3493 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3493 with the target at 1.3333. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3493 will let the pair grow to the levels of 1.3687–1.3760.
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