GBP/USD: wave analysis
04 June 2019, 09:48
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2679 |
| Take Profit | 1.3178, 1.3377 |
| Stop Loss | 1.2550 |
| Key Levels | 1.2241, 1.2550, 1.3178, 1.3377 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2540 |
| Take Profit | 1.2241 |
| Stop Loss | 1.2640 |
| Key Levels | 1.2241, 1.2550, 1.3178, 1.3377 |
The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction developed as the wave 2 of (3). Now, a downward momentum formed as the wave c of 2. If the assumption is correct, the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2550.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2550 with the targets at 1.3178–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2550 will let the pair go down to the level of 1.2241.
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction developed as the wave 2 of (3). Now, a downward momentum formed as the wave c of 2. If the assumption is correct, the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2550.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2550 with the targets at 1.3178–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2550 will let the pair go down to the level of 1.2241.
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