GBP/USD: wave analysis
09 June 2020, 09:10
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2710 |
| Take Profit | 1.2880, 1.3150 |
| Stop Loss | 1.2526 |
| Key Levels | 1.2204, 1.2366, 1.2526, 1.2880, 1.3150 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2520 |
| Take Profit | 1.2366, 1.2204 |
| Stop Loss | 1.2580 |
| Key Levels | 1.2204, 1.2366, 1.2526, 1.2880, 1.3150 |
The pair may grow.
On the 4-hour chart, the downward fifth wave of the higher level 5 of (C) of V developed, and the formation of the first wave (1) began, within which the wave 1 of (1) formed, and the wave 2 of (1) developed. Now, the first entry wave of the lower level i of 3 of (1) is developing, within which the wave (iii) of i has formed. If the assumption is correct, after the end of the correction (iv) of i the pair will grow to the levels of 1.2880–1.3150. In this scenario, critical stop loss level is 1.2526.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.2526 with the targets at 1.2880–1.3150. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2526 will let the pair go down to the levels of 1.2366–1.2204.
On the 4-hour chart, the downward fifth wave of the higher level 5 of (C) of V developed, and the formation of the first wave (1) began, within which the wave 1 of (1) formed, and the wave 2 of (1) developed. Now, the first entry wave of the lower level i of 3 of (1) is developing, within which the wave (iii) of i has formed. If the assumption is correct, after the end of the correction (iv) of i the pair will grow to the levels of 1.2880–1.3150. In this scenario, critical stop loss level is 1.2526.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.2526 with the targets at 1.2880–1.3150. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2526 will let the pair go down to the levels of 1.2366–1.2204.
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