The pair is expected to grow

Presumably, a bullish impetus within the wave С of 2 of senior level is still developing. Apparently, a local correction in the form of the fourth wave iv of C has finished forming locally. If the assumption is correct, the pair will continue growing to the levels 1.6000–1.6170. The level 1.5660 is critical in this scenario.

Trading tips

Buy the pair from corrections above the level of 1.5660 with a target at 1.6000–1.6170.

Alternative scenario

Breakout and consolidation below the level of 1.5660 will allow the price to continue declining to the levels of 1.5600–1.5500 within correction.

GBP/USD: wave analysis

GBP/USD: wave analysis

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback