The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3202.

Main scenario: long positions will be relevant from corrections above the level of 1.3202 with a target of 1.3645.

Alternative scenario: breakout and consolidation below the level of 1.3202 will allow the pair to continue declining to a level of 1.3100.

Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues to develop within the daily frame. Apparently,the wave А of (2) has been formed locally and an ascending correction is developing in the form f the wave B of (2), with the wave a of B formed inside as a wedge. If the presumption is correct, the pair will logically rise to the level of 1.3645 after the correction b of B  comes to an end. The level 1.3202 is critical in this scenario.


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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 08/06/2018 – 15/06/2018

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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