Trading analysis wave pound / dollar
This pair can grow.
On the 4-hour chart, a downward correction from higher levels develops as wave (2), and the development of the third wave (3) starts. Now the first wave of lower level i of 1 of (3) is formed, where wave (iii -0.73%) of I is developing. If the assumption is correct, then the pair will grow to the level of 1.3474–1.3615. In this scenario, the critical stop loss level is 1.3096.
Main scenario
Long positions will be relevant during the correction, above the 1.3096 level with the target at 1.3474–1.3615. Implementation period: 7 days and more.
Alternative scenario
Breakdown and consolidation of the price below the 1.3096 level will allow the pair to go down to the level of 1.2926–1.2782.
Trade
Scenario
Weekly period
BUY recommendation
Entry point 1.3245
Take Profit 1.3474, 1.3615
Stop Loss 1.3096
Key levels were 1.2782, 1.2926, 1.3096, 1.3474, 1.3615
Alternative scenario
SELL STOP recommendations
Entry point 1.3090
Take Profit 1.2926, 1.2782
Stop Loss 1.3145
Key levels were 1.2782, 1.2926, 1.3096, 1.3474, 1.3615