GBPUSD (long-term)
VS£
As you can see on the chart above, it seems like there’s an ongoing extension in wave (3). Wave 4 might have been in place, so wave 5 of (3) is likely underway. If correct, the market should break the high of wave 3 soon.
The main critical level for this scenario is £1.3484. Broadly, the market should continue unfolding a bullish impulse for wave ((1)) or ((A)) in the coming weeks.
VS£As you can see on the chart above, it seems like there’s an ongoing extension in wave (3). Wave 4 might have been in place, so wave 5 of (3) is likely underway. If correct, the market should break the high of wave 3 soon.
The main critical level for this scenario is £1.3484. Broadly, the market should continue unfolding a bullish impulse for wave ((1)) or ((A)) in the coming weeks.
Note
Fourth-wave correction is underwayThe last bearish three-wave price movement might be a part of the wave ((4)). The last advance is likely the part of wave X, which will probably take the form of a zigzag. If correct, the market should finish a wave ((b)) correction in the short term. Wave ((c)) of X is going to begin a little later on.
Note
Bearish impulse finished – ST
The advance highlights the possible ending of wave A. If correct, the market should begin developing wave B of (4). Broadly, a fourth-wave correction is going to continue unfolding, probably in the form of a zigzag.
Note
The fourth wave might be in place
The current advance brings more evidence for the bullish outlook. As shown above, wave C of (4) might have been in place, which means another bullish wave has begun.
Wave 2 is likely over, so the market should break the high of wave 1 shortly.
Trade active
The market should continue unfolding a third-wave advance.
Trade active
Second wave likely in place
There’s a decline, which is likely a part of wave ((ii)). If correct the bullish scenario will be at risk.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.