Estimated pivot point is at a level of 1.3457.

Main scenario: long positions will be relevant from corrections above the level of 1.3457 with a target of 1.3657 – 1.3700.

Alternative scenario: Breakout and consolidation below the level of 1.3457 will allow the pair to continue declining to the levels of 1.3327 – 1.3298.

Analysis: The fifth wave 5 of (1) of senior level is supposed to continue forming within the 4-hour time frame. Apparently, the wave v of 5 of junior level is forming locally, with a correction in the form of the wave (iv) of v finished inside If the presumption is correct, the pair will continue to rise to the levels 1.3657 – 1.3700 within the wave (v) of v. The level 1.3457 is critical in this scenario.

GBP/USD Wave analysis and forecast for 12.01 – 19.01

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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