OANDA:GBPUSD   British Pound / U.S. Dollar
37 0
The growth of the pair is expected.

On the 4-hour chart, the downward correction has developed as a fourth wave iv of 5 within the first wave (1) of the higher level. Locally the first and the second wave of the lower level have formed within the fifth wave v of 5, which has begun. If the assumption is correct, the pair will grow to the levels of 1.4280–1.4350. The level of 1.3708 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3708 with the targets at 1.4280–1.4350.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3708 will let the pair go down to the level of 1.3530.



Timeframe Weekly
Recommendation BUY
Entry Point 1.3887
Take Profit 1.4280, 1.4350
Stop Loss 1.3755
Key Levels 1.3530, 1.3708, 1.4280, 1.4350

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3700
Take Profit 1.3530
Stop Loss 1.3760
Key Levels 1.3530, 1.3708, 1.4280, 1.4350
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