.jpg)
Main scenario: consider short positions from corrections below the level of 1.2801 with a target of 1.2427 – 1.2333.
Alternative scenario: breakout and consolidation above the level of 1.2801 will allow the pair to continue rising to the levels of 1.3000 – 1.3200.
Analysis: the first wave of larger degree (1) is presumably formed, a correction developed as second wave (2), and the ascending third wave (3) started unfolding on the daily chart. Wave 1 of (3) is formed on the H4 time frame, and a downward correction continues unfolding as second wave 2 of (3), with wave c of 2 forming as its part. Apparently, the third wave of smaller degree (iii) of c is developing on the H1 time frame. If this assumption is correct, the GBPUSD pair will continue to fall to 1.2427 – 1.2333. The level of 1.2801 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3000 – 1.3200.
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.
