GBP/USD: WAVE ANALYSIS

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GBP/USD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point1.3087
Take Profit1.3198, 1.3754
Stop Loss1.3052
Key Levels1.2360, 1.2585, 1.2855, 1.3198, 1.3754
Alternative scenario
RecommendationSELL STOP
Entry Point1.2850
Take Profit1.2585, 1.2360
Stop Loss1.2940
Key Levels1.2360, 1.2585, 1.2855, 1.3198, 1.3754

Growth is possible.

On the daily chart, the upward first wave of the higher level (1) ended, a downward correction formed as the second wave (2), and the third wave (3) develops. Now, the third wave of the lower level 3 of (3) is developing, within which the wave iii of 3 is forming. If the assumption is correct, after the end of the local correction as the wave iv of 3, the GBP/USD pair will grow to the area of 1.3198–1.3754. In this scenario, critical stop loss level is 1.2855.

GBP/USD: WAVE ANALYSIS

GBP/USD: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 1.2855 with the targets at 1.3198–1.3754. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.2855 will let the asset go down to the area of 1.2585–1.2360.

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