According to the experts working for Masterforex-V Academy, GBPUSD has just finished a potential reversal represented by wave A/B of level Daily1, with borders around 1.3893 and 1.3570. In order to calculate the targets for the potential upward move, we can use the Fibo grid built on top of wave A/B of D1. If there as a bearish move, the price has stopped around the outer sloping channel that belongs to a bigger-scale timeframe. It has borders located at 1.2755 and 1.3294.
The price has already formed a upswing represented by wave A/B of H2 = 1.3570-1.3637, which represents the current price range. Pivot 2 is located at 1.3595.
An upward break above 1.3652 will hint at the completion of the FZR that belongs to wave level H2. In its turn, the FZR will hint at a rally in the form of wave B of D1 up to 88% of the reversal wave. The alternative scenario implements wave aC/shortened C.
The upward targets are:
1,3652=FZR Н2;
1,3693=38%;
1,3731=50%;
1,3770=62%;
1,3817=76% + pivot2;
1,3855=88%.
If the upward scenario fails to manifest itself, the downward targets will look as follows:
1,3523=62% +external SC;
1,3435=76%;
1,3400=pivot 2
1,3365=88%;
1,3294=pivot 2.
