OANDA:GBPUSD   British Pound / U.S. Dollar
51 0 0
The growth of the pair is expected.

On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the formation of the downward correction as a fourth wave of the lower level iv of 5 has ended. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.3835 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3835 with the targets at 1.4400–1.4500.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3835 will let the pair go down to the level of 1.3480.

Trade

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.3961
Take Profit 1.4400, 1.4500
Stop Loss 1.3815
Key Levels 1.3480, 1.3835, 1.4400, 1.4500

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3830
Take Profit 1.3480
Stop Loss 1.3945
Key Levels 1.3480, 1.3835, 1.4400, 1.4500
More analytic from LiteForex:
English https://www.liteforex.com/trading/forex-analysis/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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