Probability of correctional growth for GBP/USD Estimated pivot point is at a level of 1.2661.

Main scenario: long positions will be relevant from corrections above the level of 1.2661 with a target of 1.2870 – 1.2935.

Alternative scenario: Breakout and consolidation below the level of 1.2661 will allow the pair to continue declining to the levels of 1.2580 – 1.2500.

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). The wave C of (2), supposedly, is developing on the 4H time frame, with the wave iii of C formed inside. Apparently,a local upward correction starts developing in the form of the wave iv of C on the 1H frame. If the presumption is correct, the pair will continue rising to 1.2870 – 1.2935. The level 1.2661 is critical in this scenario.

GBP/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

GBP/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

GBP/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 17/08/2018 – 24/08/2018

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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