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

On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.2650–1.2780. In this scenario, critical stop loss level is 1.2438.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2438 with the targets at 1.2650–1.2780. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.2438 will let the pair go down to the levels of 1.2361–1.2241.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.2526
Take Profit 1.2650, 1.2780
Stop Loss 1.2438
Key Levels 1.2241, 1.2361, 1.2438, 1.2650, 1.2780

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2430
Take Profit 1.2361, 1.2241
Stop Loss 1.2455
Key Levels 1.2241, 1.2361, 1.2438, 1.2650, 1.2780

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