Descending trend for the pair GBP/USD continues. Estimated pivot point is at a level of 1.2914.

Main scenario: short positions will be relevant from corrections below the level of 1.2914 with a target of 1.2650 – 1.2580.

Alternative scenario: breakout and consolidation above the level of 1.2914 will allow the pair to continue the rise up to the levels of 1.3059 – 1.3171.

Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction continues forming as the second wave (2). A wave C of (2), supposedly, is developing on the 4H time frame, with the wave iii of C forming inside. Apparently, the third wave of junior level (iii) of iii of C is nearing completion on the 1H frame. If the presumption is correct, the pair will continue falling to 1.2650 – 1.2580 once the local correction (iv) of iii has finished. The level 1.2914 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 10/08/2018 – 17/08/2018

GBP/USD: Wave analysis and forecast for 10/08/2018 – 17/08/2018

GBP/USD: Wave analysis and forecast for 10/08/2018 – 17/08/2018

Real-time price chart of GBPUSD

GBP/USD: Wave analysis and forecast for 10/08/2018 – 17/08/2018

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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