FX:GBPUSD   British Pound / U.S. Dollar
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1
The pair can grow.

On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave A of (2) has formed, and the upward correction of the lower level is developing as a wave B of (2), within which the wave b of B has ended. If the assumption is correct, the pair will grow to the level of 1.3480 within the wave c of B. The level of 1.3202 is critical and stop loss for this scenario.

Main scenario

Long positions will become relevant above the level of 1.3202 with the target at 1.3480. Implementation period: 5–7 days.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3202 will let the pair go down to the level of 1.2926.

Trade

Scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.3243
Take Profit 1.3480
Stop Loss 1.3202
Key Levels 1.2926, 1.3202, 1.3480

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3195
Take Profit 1.2926
Stop Loss 1.3285
Key Levels 1.2926, 1.3202, 1.3480
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Comments

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