The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.3215.

Main scenario: short positions will be relevant from corrections below the level of 1.3215 with a target of 1.2806 – 1.2707.

Alternative scenario: breakout and consolidation above the level of 1.3215 will allow the pair to continue the rise up to the levels of 1.3390 – 1.3628.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of junior level i of 1 of (3) has been formed and a descending correction is developing in the form of wave  ii of 1  on the H4 time frame. Apparently, the wave a of ii is formed on the H1 time frame.  If this assumption is correct, the pair will continue to fall to  1.2806 – 1.2707 once the wave  b of ii finished forming. The level  1.3215 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 08/02/2019 – 15/02/2019

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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