OANDA:GBPUSD   British Pound / U.S. Dollar
72 0 2
The upward trend is developing.

On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming as a third wave iii             of 5, within which the downward correction (iv) is ending. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.3907 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3907 with the targets at 1.4400–1.4500.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3907 will let the pair go down to the levels of 1.3810–1.3480.



Timeframe Weekly
Recommendation BUY
Entry Point 1.4016
Take Profit 1.4400, 1.4500
Stop Loss 1.3885
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3900
Take Profit 1.3810, 1.3480
Stop Loss 1.3960
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500
More analytic from LiteForex:
English https://www.liteforex.com/trading/forex-analysis/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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