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 has formed, and the correction (ii) of i is ending. If the assumption is correct, the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2550.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2550 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 1.2550 will let the pair go down to the level of 1.2241.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.2590
Take Profit 1.3178, 1.3377
Stop Loss 1.2550
Key Levels 1.2241, 1.2550, 1.3178, 1.3377

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2545
Take Profit 1.2241
Stop Loss 1.2650
Key Levels 1.2241, 1.2550, 1.3178, 1.3377
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nice idea
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