The GBP/USD rate is still likely to grow. Estimated pivot point is at a level of 1.2690.

Main scenario: long positions will be relevant from corrections above the level of 1.2690 with a target of 1.3305 – 1.3510.

Alternative scenario: Breakout and consolidation below the level of 1.2690 will allow the pair to continue falling to the levels of 1.2550 – 1.2450.

Analysis: Supposedly, a downward correction in the form of the wave (2) continues developing in the daily time frame with the wave A of (2) formed within. Supposedly, the plane-shaped wave B of (2) is is forming in the H4 timeframe, with the wave b of B formed inside. Apparently, an upward momentum has been formed in the form of the wave (i) of c in the H1 timeframe. If the presumption is correct, the pair may continue growing to the levels 1.3305 – 1.3510. The level 1.2690 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 02/11/2018 – 09/11/2018

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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