FX:GBPUSD   British Pound / U.S. Dollar
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2
The pair may grow.

On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge , and the downward correction developed as the wave 2 of (3). Now the formation of the third wave 3 of (3) has begun, within which the first entry wave of the lower level i of 3 is developing. If the assumption is correct, the pair will grow to the levels of 1.3271–1.3377. In this scenario, critical stop loss level is 1.2985.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2985 with the targets at 1.3271–1.3377. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.2985 will let the pair go down to the levels of 1.2773–1.2400.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.3122
Take Profit 1.3271, 1.3377
Stop Loss 1.2985
Key Levels 1.2400, 1.2773, 1.2985, 1.3271, 1.3377

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2980
Take Profit 1.2773, 1.2400
Stop Loss 1.3055
Key Levels 1.2400, 1.2773, 1.2985, 1.3271, 1.3377
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