The pair GBP/USD continues falling. Estimated pivot point is at a level of 1.3175.

Main scenario: short positions will be relevant from corrections below the level of 1.3175 with a target of 1.2800 – 1.2580.

Alternative scenario: breakout and consolidation above the level of 1.3175 will allow the pair to continue rising to a level of 1.3553.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction continues forming as the second wave (2). A wave C of (2), supposedly, is developing on the 4H time frame, with the wave iii of C forming inside. Apparently, the third wave of junior level (iii) of iii of C is developing on the 1H frame. If the presumption is correct, the pair will continue falling to 1.2800 – 1.2580. The level 1.3175 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 03/08/2018 – 10/08/2018

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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