Technical Analytics Report

GBP/USD: Wave Analysis Report 16 March 2021

GBP/USD: Wave Analysis Report 16 March 2021

 

The pair may fall.

 On the daily chart, the first wave of the higher level (1) developed, and a downward correction started to develop as the wave (2). Now, the wave A of (2) is forming, within which the development of the wave iii of A has started. If the assumption is correct, the pair will fall to the levels of 1.3573–1.3162. In this scenario, critical stop loss level is 1.4022.

 Main Scenario

 Short positions will become relevant during the correction, below the level of 1.4022 with the targets at 1.3573–1.3162. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.4022 will let the pair grow to the levels of 1.4246–1.4400.

 Scenario

 Timeframe: Weekly

 Recommendation: Sell

 Entry Point: 1.3873

 Take Profit: 1.3573, 1.3162 

Stop Loss: 1.4022

 Key Levels: 1.3162, 1.3573, 1.4022, 1.4246, 1.4400

 Alternative Scenario

 Timeframe: Weekly

 Recommendation: Buy Stop

 Entry Point: 1.4025

 Take Profit: 1.4246, 1.4400

 Stop Loss: 1.3950

 Key Levels: 1.3162, 1.3573, 1.4022, 1.4246, 1.4400


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