GBP/USD: wave analysis
06 December 2018, 08:26
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2711 |
| Take Profit | 1.2600 |
| Stop Loss | 1.2775 |
| Key Levels | 1.2600, 1.2850, 1.3175 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.2860 |
| Take Profit | 1.3175 |
| Stop Loss | 1.2755 |
| Key Levels | 1.2600, 1.2850, 1.3175 |
The pair may decrease.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3175.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3175.
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