The pair GBP/USD is still likely to grow
Estimated pivot point is at a level of 1.2780.
Main scenario: long positions will be relevant from corrections above the level of 1.2780 with a target of 1.3474 – 1.3615.
Alternative scenario: breakout and consolidation below the level of 1.2780 will allow the pair to continue declining to a level of 1.2580.
Analysis: Supposedly, the first wave of senior level (1) has been formed as an impetus on the daily time frame and a downward correction finished forming as the second wave (2). Supposedly, the first counter-trend wave of junior level i of 1 of (3) is forming on H4 time frame. Apparently, the wave (iii) of i is developing on H1 timeframe. If the presumption is correct, the pair will continue to rise to the levels 1.3474 – 1.3615. The level 1.2780 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.
- 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 https://t.me/liteforex
Price chart of GBPUSD in real time mode
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.