Technical Analytics Report

GBP/USD: Wave Analysis Report 22 March 2021

GBP/USD: Wave Analysis Report 22 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 third wave of the lower level iii of A is developing. 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: 1.3861

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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