GBP/USD Weekly, Daily and H4 Analysis

General overview for 22/02/0217:

The complex and time-consuming corrective cycle in shape of a triangle pattern might soon be completed as there is only one more wave to the upside needed. The projected target for wave E of wave 4 is at the level of 1.2650, but it might extend towards the level of 1.2705 as well. When this wave is completed, then the triangle pattern is terminated and the down trend will resume.

Support/Resistance:


1.2705 – Wave C Top
1.2650 – Wave 4 Top Projection
1.2614 – WR2
1.2567 – Technical Resistance
1.2534 – WR1
1.2434 – Technical Support
1.2320 – Weekly Pivot
1.2223 – WS1

Trading recommendations:


All buy orders should have TP set at the level of 1.2650 before the trend will reverse. Any break out above the level of 1.2705 will invalidate the triangle scenario*.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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