An uptrend is strong.

Wave C of 2 of the senior level on the daily chart continues forming. Locally, the third wave (iii) is likely to be forming within which a starting impetus i has formed and correction ii is nearing the end. If the assumption is correct, in the short term, the pair will continue growing in the third wave (iii) towards 1.5700-1.5800. A critical for this scenario is the level of 1.5240.

Trading tips

Buy the pair from corrections, above the level of 1.5240 with the target at 1.5700-1.5800.

Alternative scenario

The breakdown and consolidation below the level of 1.5240 would allow the pair to continue declining to 1.5100.

GBP/USD: wave analysis

GBP/USD: wave analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback