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.

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

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.

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