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

On the 4-hour chart, a downward correction developed as the wave 2 of (3). Now, the development of the third wave 3 of (3) is beginning, within which the first entry wave of the lower level (i) of i of 3 is forming. If the assumption is correct, after the correction (ii) of i of 3 the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2508.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2508 with the targets at 1.3178–1.3377. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.2508 will let the pair go down to the level of 1.2241.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.2697
Take Profit 1.3178, 1.3377
Stop Loss 1.2508
Key Levels 1.2241, 1.2508, 1.3178, 1.3377

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2500
Take Profit 1.2241
Stop Loss 1.2590
Key Levels 1.2241, 1.2508, 1.3178, 1.3377
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