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

On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) is forming, within which the fourth correctional wave of the lower level iv of A has formed, and the wave v of A is developing. If the assumption is correct, the pair will fall to the level of 1.3268. The level of 1.3620 is critical and stop-loss for this scenario.

Main scenario

Short positions will become relevant below the level of 1.3620 with the target at 1.3268. Implementation period: 3–5 days.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.3620 will let the pair grow to the levels of 1.3738–1.3800.

Trade

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.3548
Take Profit 1.3268
Stop Loss 1.3620
Key Levels 1.3268, 1.3620, 1.3738, 1.3800

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3630
Take Profit 1.3738, 1.3800
Stop Loss 1.3570
Key Levels 1.3268, 1.3620, 1.3738, 1.3800

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