GBP/USD: wave analysis
05 December 2019, 09:56
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3133 |
| Take Profit | 1.3200, 1.3387 |
| Stop Loss | 1.3075 |
| Key Levels | 1.2700, 1.2819, 1.2979, 1.3200, 1.3387 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2970 |
| Take Profit | 1.2819, 1.2700 |
| Stop Loss | 1.3030 |
| Key Levels | 1.2700, 1.2819, 1.2979, 1.3200, 1.3387 |
The pair may grow.
On the 4-hour chart, the first wave 1 within the started third wave (3) of the higher level develops. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 is developing, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3200–1.3387. In this scenario, critical stop loss level is 1.2979.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2979 with the targets at 1.3200–1.3387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2979 will let the pair go down to the levels of 1.2819–1.2700.
On the 4-hour chart, the first wave 1 within the started third wave (3) of the higher level develops. Now, a downward correction has ended as the wave iv of 1, and the fifth wave v of 1 is developing, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3200–1.3387. In this scenario, critical stop loss level is 1.2979.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2979 with the targets at 1.3200–1.3387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2979 will let the pair go down to the levels of 1.2819–1.2700.
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