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

On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the fifth wave v of C is developing, within which the third wave of the lower level ( iii ) of v has formed, and the local correction (iv) of v is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1900–1.1800. In this scenario, critical stop loss level is 1.2211.

Main scenario

Short positions will become relevant during the correction, below the level of 1.2211 with the targets at 1.1900–1.1800. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2211 will let the pair grow to the levels of 1.2360–1.2554.

Trade

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.2061
Take Profit 1.1900, 1.1800
Stop Loss 1.2211
Key Levels 1.1800, 1.1900, 1.2211, 1.2360, 1.2554

Alternative scenario

Recommendation BUY STOP
Entry Point 1.2220
Take Profit 1.2360, 1.2554
Stop Loss 1.2160
Key Levels 1.1800, 1.1900, 1.2211, 1.2360, 1.2554
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