FX:GBPUSD   British Pound / U.S. Dollar
The pair may grow.

On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction is developing as the wave 2 of (3). Now the wave c of 2 is forming. If the assumption is correct, the pair will fall to the levels of 1.2890–1.2773. In this scenario, critical stop loss level is 1.3131.

Main scenario

Short positions will become relevant during the correction, below the level of 1.3131 with the targets at 1.2890–1.2773. Implementation period: 5–7 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.3131 will let the pair grow to the levels of 1.3429–1.3626.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.2984
Take Profit 1.2890, 1.2773
Stop Loss 1.3015
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3135
Take Profit 1.3429, 1.3626
Stop Loss 1.3035
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.