FX:GBPUSD   British Pound / U.S. Dollar
216 0
The trend is upward.

On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level ( iii ) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.4465–1.4635. The level of 1.4144 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.4144 with the targets at 1.4465–1.4635.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.4144 will let the pair go down to the level of 1.3966.

Timeframe Weekly
Recommendation BUY
Entry Point 1.4260
Take Profit 1.4465, 1.4635
Stop Loss 1.4190
Key Levels 1.3966, 1.4144, 1.4465, 1.4635
Alternative scenario
Recommendation SELL STOP
Entry Point 1.4140
Take Profit 1.3966
Stop Loss 1.4200
Key Levels 1.3966, 1.4144, 1.4465, 1.4635
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