The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 1.3113 with a target of 1.2240 – 1.1900. A sell signal: the price holds below 1.3113. Stop Loss: above 1.3150, Take Profit: 1.2240 – 1.1900.
- Alternative scenario: Breakout and consolidation above the level of 1.3113 will allow the pair to continue rising to the levels of 1.3440 – 1.3800. A buy signal: the level of 1.3113 is broken to the upside. Stop Loss: below 1.3080, Take Profit: 1.3440 – 1.3800.
Main Scenario
Consider short positions from corrections below the level of 1.3113 with a target of 1.2240 – 1.1900.
Alternative Scenario
Breakout and consolidation above the level of 1.3113 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 has started developing as second wave 2 of (А). Apparently, wave a of 2 is developing on the H4 chart. The third wave of smaller degree (iii) of a has started forming as its part. If the presumption is correct, GBPUSD will continue to drop to the levels of 1.2240 – 1.1900. The level of 1.3113 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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