Thursday, April 21, 2016

GBP/USD: Wave Analysis



Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.4340
Take Profit 1.4074, 1.3820
Stop Loss 1.4420
Key Levels 1.3820, 1.4074, 1.4418, 1.4500, 1.4600
Alternative scenario
Recommendation BUY STOP
Entry Point 1.4430
Take Profit 1.4500, 1.4600
Stop Loss 1.4320
Key Levels 1.3820, 1.4074, 1.4418, 1.4500, 1.4600
A fall is expected.
Assumingly, a formation of an upward correction as the fourth wave 4 of the higher level is nearing the end. Locally, a wedge seems to have formed that is presumably wave c of 4, and if the assumption is correct, a fall towards 1.4074-1.3820 should be expected. Critical for this scenario is the level of 1.4418 a breakout of which would lead to a growth towards 1.4500-1.4600.

Trading Tips
Sell the pair from corrections, below the level of 1.4418 with the target at 1.4074-1.3820.

Alternative Scenario
The breakout and consolidation above the level of 1.4418 would allow the pair to grow to 1.4500-1.4600.




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