GBP/USD: wave analysis
06 February 2019, 08:31
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.2950 |
| Take Profit | 1.2806, 1.2707 |
| Stop Loss | 1.3080 |
| Key Levels | 1.2707, 1.2806, 1.3215, 1.3390, 1.3628 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3220 |
| Take Profit | 1.3390, 1.3628 |
| Stop Loss | 1.3160 |
| Key Levels | 1.2707, 1.2806, 1.3215, 1.3390, 1.3628 |
The pair is in a correction, the fall is possible.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and a local correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2806–1.2707. In this scenario, critical stop loss level is 1.3215.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3215 with the targets at 1.2806–1.2707. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3215 will let the pair grow to the levels of 1.3390–1.3628.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and a local correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2806–1.2707. In this scenario, critical stop loss level is 1.3215.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3215 with the targets at 1.2806–1.2707. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3215 will let the pair grow to the levels of 1.3390–1.3628.
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