The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2920.

Main scenario: long positions will be relevant from corrections above the level of 1.2920 with a target of 1.3295 – 1.3474.

Alternative scenario: breakout and consolidation below the level of 1.2920 will allow the pair to continue declining to a level of 1.2654.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the first counter-trend wave of junior level i of 1 of (3) is forming on H4 time frame. On H1 time frame, the third wave (iii) of i has been formed and a downward correction (iv) of i is completed. If the presumption is correct, the pair will continue to rise to the levels 1.3295 – 1.3474. The level 1.2920 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 05/10/2018 – 12/10/2018

GBP/USD: Wave analysis and forecast for 05/10/2018 – 12/10/2018

GBP/USD: Wave analysis and forecast for 05/10/2018 – 12/10/2018


P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 05/10/2018 – 12/10/2018

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.

Need to ask the author a question? Please, use the Comments section below. .
Start Trading
Follow us in social networks!
Live Chat
Leave feedback