FX:GBPUSD   British Pound / U.S. Dollar
The pair is in a correction, the fall is possible.

On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction develops as the wave 2 of (3). Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c has ended. If the assumption is correct, after the correction, the pair will fall to the level of 1.2773. In this scenario, critical stop loss level is 1.3022.

Main scenario

Short positions will become relevant during the correction, below the level of 1.3022 with the target at 1.2773. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.3022 will let the pair grow to the levels of 1.3133–1.3271.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.2905
Take Profit 1.2773
Stop Loss 1.3000
Key Levels 1.2773, 1.3022, 1.3133, 1.3271

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3030
Take Profit 1.3133, 1.3271
Stop Loss 1.2995
Key Levels 1.2773, 1.3022, 1.3133, 1.3271

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