.jpg)
Main scenario: On a correction, consider long trades above 1.2515 with a target of 1.3145 – 1.3740.
Alternative scenario: Breaking and holding below the 1.2515 level will allow the pair to continue falling to the 1.2300 – 1.1965 levels.
analysis: A bullish wave of larger degree B is supposed to be forming on the daily timeframe, with the third wave 3 of (A) of B appearing as part of it. On the H4 chart, corrective wave ii of 3 has completed, and wave iii of 3 is developing. The first wave of smaller degree (i) of iii is forming on the H1 timeframe; the local correction is nearing completion as the second wave (ii) of iii approaches, in which wave c of (ii) is nearing its end. If the assumption is correct, then British pound to US dollar The rise will continue to the levels of 1.3145 – 1.3740 after the correction ends. The level of 1.2515 is considered crucial in this scenario as a break of it will enable the pair to continue the decline to the levels of 1.2300 – 1.1965.
GBPUSD price chart in real time mode
The content of this article reflects the opinion of the author 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 providing investment advice for the purposes of Directive 2004/39/EC.
