Apr 10, 2020, 8:26:48 AM

GBP/USD: wave analysis

The pair is in a correction, a fall is possible.

On the daily chart, the third wave of the higher level (3) of V develops, within which an upward correction forms as the wave 4 of (3). Now, the wave c of 4 is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1177–1.0687. In this scenario, critical stop loss level is 1.2738.

Main scenario

Short positions will become relevant after the end of the correction, below the level of 1.2738 with the targets at 1.1177–1.0687. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2738 will let the pair grow to the levels of 1.3201–1.3509.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL

  • Entry Point

    1.2463

  • Take Profit

    1.1177, 1.0687

  • Stop Loss

    1.2738

  • Key Levels

    1.0687, 1.1177, 1.2738, 1.3201, 1.3509

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY STOP

  • Entry Point

    1.2740

  • Take Profit

    1.3201, 1.3509

  • Stop Loss

    1.2585

  • Key Levels

    1.0687, 1.1177, 1.2738, 1.3201, 1.3509

Tifia trading account

Open

GBP/USD forecast for today.