Major Key Points to Consider
- Primary Scenario (Bullish) : Consider long positions from corrections above the level of 1.31 with a target of 1.3800 – 1.4000. A buy signal: the price holds above 1.3100. Stop Loss: below 1.30, Take Profit: 1.3800 – 1.4000.
- Alternative Scenario (Bearish): Breakout and consolidation below the level of 1.30 will allow the pair to continue declining to the levels of 1.290 – 1.270. A sell signal: the level of 1.30 is broken to the downside. Stop Loss: above 1.30, Take Profit: 1.290 – 1.270.
Technical Indicators
Trend: Short-term consolidation within a long-term uptrend
Support Levels: 1.3200 & 1.3000
Resistance Levels: 1.3300 & 1.3450
Momentum: Neutral to bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : On the Weekly Chart of GBP/USD the larger degree wave ((B)) is Still developing. Within this, larger wave ((5)) is developing and wave (1) & (2) has been Completed as its part. The upward movement is developing as Wave (3) and within this wave 1 & 2 has been completed as its parts.
On A Daily Chart : The wave ((i)) is developing as the part of large wave 3.
On A 4-Hours Chart : Within the large wave ((i)), short waves as (i) and (ii) has been completed and now the price is moving in wave (iii) of large wave ((i)).
If this Presumption is correct then GBP/USD may continue to rise the Price levels of 1.3800 – 1.4000.
GBP/USD : Current Rate in the Market
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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