GBP/USD: wave analysis
23 August 2018, 09:29
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2880 |
| Take Profit | 1.2660 |
| Stop Loss | 1.2932 |
| Key Levels | 1.2660, 1.2932, 1.2997, 1.3078 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.2940 |
| Take Profit | 1.2997, 1.3078 |
| Stop Loss | 1.2890 |
| Key Levels | 1.2660, 1.2932, 1.2997, 1.3078 |
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 third wave of the lower level iii of C has formed as a momentum, and the upward correction iv of C has ended. If the assumption is correct, the pair will fall to the level of 1.2660 within the wave v of C. The level of 1.2932 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2932 with the target at 1.2660. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2932 will let the pair grow to the levels of 1.2997–1.3078.
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 third wave of the lower level iii of C has formed as a momentum, and the upward correction iv of C has ended. If the assumption is correct, the pair will fall to the level of 1.2660 within the wave v of C. The level of 1.2932 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2932 with the target at 1.2660. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2932 will let the pair grow to the levels of 1.2997–1.3078.
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