GBP/USD: wave analysis
10 August 2018, 09:36
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2795 |
| Take Profit | 1.2700, 1.2580 |
| Stop Loss | 1.2914 |
| Key Levels | 1.2580, 1.2700, 1.2914, 1.3059, 1.3171. |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.2920 |
| Take Profit | 1.3059, 1.3171 |
| Stop Loss | 1.2870 |
| Key Levels | 1.2580, 1.2700, 1.2914, 1.3059, 1.3171. |
The pair can fall.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Locally the wave C of (2) is forming, within which the wave iii of C is developing as a momentum. If the assumption is correct, the pair will fall to the levels of 1.2700–1.2580. The level of 1.2914 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2914 with the targets at 1.2700–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2914 will let the pair grow to the levels of 1.3059–1.3171.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Locally the wave C of (2) is forming, within which the wave iii of C is developing as a momentum. If the assumption is correct, the pair will fall to the levels of 1.2700–1.2580. The level of 1.2914 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2914 with the targets at 1.2700–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2914 will let the pair grow to the levels of 1.3059–1.3171.
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