The pair GBP/USD is still likely to fall. Estimated pivot point is at a level of 1.3277.

Main scenario: short positions will be relevant below the level of 1.3277 with a target of 1.3011 – 1.2926.

Alternative scenario: breakout and consolidation above the level of 1.3277 will allow the pair to continue rising to a level of 1.3477.

Analysis: Supposedly, the first wave of senior level (1) is formed as an impetus within the daily timeframe. A downward correction in the form of the second wave (2) is developing in the 4-hour time-frame, with the wave C of (2) forming within. Apparently, an upward correction of junior level iv of C is completed on the 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 1.3011 – 1.2926 . The level 1.3277 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

GBP/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

GBP/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

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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