GBP/USD: wave analysis 03 July 2019, 09:34

GBP/USD: wave analysis

03 July 2019, 09:34

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	1.2574
Take Profit	1.2972, 1.3178
Stop Loss	1.2508
Key Levels	1.2241, 1.2508, 1.2972, 1.3178

Alternative scenario
Recommendation	SELL STOP
Entry Point	1.2500
Take Profit	1.2241
Stop Loss	1.2590
Key Levels	1.2241, 1.2508, 1.2972, 1.3178

The pair is in a correction and may grow.
On the 4-hour chart, a downward correction developed as the wave 2 of (3). Now, the development of the third wave 3 of (3) has begun, within which the first entry wave of the lower level (i) of i of 3 has formed, and the development of a local correction as the wave (ii) of i is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.2972–1.3178. In this scenario, critical stop loss level is 1.2508.


Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.2508 with the targets at 1.2972–1.3178. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2508 will let the pair go down to the level of 1.2241.