Technical Analytics Report

GBP/USD: Wave Analysis Report 13 April 2021

GBP/USD: Wave Analysis Report 13 April 2021

 

Current Trend: The pair may fall.

 On the daily chart, the first wave of the higher level (1) developed, and a downward correction forms as the wave (2). Now, the wave A of (2) is developing, within which the fifth wave of the lower level v of A is forming. If the assumption is correct, the pair will fall to the levels of 1.3573–1.3450. In this scenario, critical stop loss level is 1.3919.

 Main Scenario

 Short positions will become relevant during the correction, below the level of 1.3919 with the targets at 1.3573–1.3450. Implementation period: 7 days and more.

 Alternative Scenario

 The breakout and the consolidation of the price above the level of 1.3919 will let the pair grow to the levels of 1.4246–1.4400.

 Scenario

 Timeframe: Weekly

Recommendation: Sell

Entry Point: 1.3731

Take Profit: 1.3573, 1.3450

Stop Loss: 1.3790

Key Levels: 1.3450, 1.3573, 1.3919, 1.4246, 1.4400

 Alternative Scenario

 Timeframe: Weekly

Recommendation: Buy Stop

Entry Point: 1.3925

Take Profit: 1.4246, 1.4400

Stop Loss: 1.3815

Key Levels: 1.3450, 1.3573, 1.3919, 1.4246, 1.4400


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