FX:GBPUSD   British Pound / U.S. Dollar
The pair can decrease.

On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Now the wave C of (2) is forming, within which the development of the upward correction of the lower level as a fourth wave iv of C is ending. If the assumption is correct, the pair will fall to the levels of 1.2660–1.2580. In this scenario, critical stop loss level is 1.3214.

Main scenario

Short positions will become relevant during the correction, below the level of 1.3214 with the targets at 1.2660–1.2580. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.3214 will let the pair grow to the levels of 1.3364–1.3474.

Trade

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.3029
Take Profit 1.2660, 1.2580
Stop Loss 1.3214
Key Levels 1.2580, 1.2660, 1.3214, 1.3364, 1.3474

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3220
Take Profit 1.3364, 1.3474
Stop Loss 1.3160
Key Levels 1.2580, 1.2660, 1.3214, 1.3364, 1.3474

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