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The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 1.3040 with a target of 1.2240 – 1.1900. A sell signal: the price holds below 1.3040. Stop Loss: above 1.3070, Take Profit: 1.2240 – 1.1900.
- Alternative scenario: Breakout and consolidation above the level of 1.3040 will allow the pair to continue rising to the levels of 1.3440 – 1.3800. A buy signal: the level of 1.3040 is broken to the upside. Stop Loss: below 1.3010, Take Profit: 1.3440 – 1.3800.
Main Scenario
Consider short positions from corrections below the level of 1.3040 with a target of 1.2240 – 1.1900.
Alternative Scenario
Breakout and consolidation above the level of 1.3040 will allow the pair to continue rising to the levels of 1.3440 – 1.3800.
Analysis
An ascending wave of larger degree B is presumably forming on the weekly chart, with wave (A) of B unfolding as its part. The first wave 1 of (А) is formed on the daily chart, and a downward correction is developing as the second wave 2 of (А). Apparently, wave a of 2 is forming on the H4 time frame, within which the third wave of smaller degree (iii) of a is completed and a local correction is nearing completion as the fourth wave (iv) of a. If the presumption is correct, the GBP/USD pair will continue declining to 1.2240 – 1.1900 after the correction is over. The level of 1.3040 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3440 – 1.3800.
Price chart of GBPUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
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