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

On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) has formed, and the upward correction of the lower level is developing as a wave B of (2), within which the wave b of B is ending. If the assumption is correct, after the end of the wave the pair will grow to the level of 1.3645. The level of 1.3202 is critical and stop-loss for this scenario.

Main scenario

Long positions will become relevant after the end of the corrections above the level of 1.3202 with the target at 1.3645. Implementation period: 5–7 days.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3202 will let the pair go down to the level of 1.3100.

Trade

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.3360
Take Profit 1.3645
Stop Loss 1.3202
Key Levels 1.3100, 1.3202, 1.3645

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3195
Take Profit 1.3100
Stop Loss 1.3255
Key Levels 1.3100, 1.3202, 1.3645

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