A growth is expected.

Assumingly, a large Bearish correction within wave B of 2 has finished forming, and wave C of the senior level has started developing. Locally, a staring impulse of the junior level (i) seems to have been formed, and a correction as wave (ii), which, assumingly, has taken the shape of a flat abc, has finished by now. If the assumption is correct and the price does not break down the critical level of 1.5020, the pair continues growing to 1.5420-1.5520. The breakout of the level of 1.5134 confirms a reversal and further growth in the pair.

Trading tips

Buy the pair after the breakout and consolidation above the level of 1.5134 with the target at 1.5420-1.5520.

Alternative scenario

The breakdown and consolidation below the level of 1.5020 would allow the pair to decline to 1.4950-1.4900.

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